Grayscale Bitcoin Cash Trust (OTCQX: BCHG) is a digital asset investment trust that holds Bitcoin Cash (BCH) on behalf of shareholders, providing investors with exposure to BCH price movements without requiring direct custody of the digital asset. The Trust generates revenue through a Sponsor's fee paid in BCH, which is deducted from Trust assets over time. Sponsored by Grayscale Investments Sponsors, LLC, the Trust held 392,286 BCH as of June 30, 2025, with net assets of $202,961 thousand and 47,123,300 shares outstanding. As of June 30, 2025, the Trust had 43 beneficial holders owning at least 100 shares. BCH prices tracked by the Trust ranged from $270.18 to $631.02 during the twelve months ended June 30, 2025, with an end-of-period digital asset market price of $517.38. The Trust is a passive vehicle and does not actively trade BCH or engage in operations beyond holding the underlying asset.

Revenue model

The Trust charges a Sponsor's fee denominated in BCH, deducted from Trust holdings. The fee reduced Trust BCH holdings by 9,481 BCH in the year ended June 30, 2025, and 7,759 BCH in the year ended June 30, 2024.

Products and services

A single-asset passive investment trust holding Bitcoin Cash (BCH). Shares trade on the OTCQX marketplace and provide holders with proportional exposure to the Trust's BCH holdings. Each share's value is determined by the Trust's BCH per share, priced using the Index derived from constituent trading platforms including Coinbase, Bitstamp, Kraken, LMAX Digital, and Crypto.com (as of June 30, 2025).

Customers and end markets

Institutional and accredited investors seeking BCH price exposure without direct digital asset custody. As of June 30, 2025, the Trust had 43 beneficial holders owning at least 100 shares, down from 94 as of June 30, 2024. End markets include investment and speculative demand for digital assets.

Value-chain role

Passive custodial trust sitting between BCH markets and investors. The Sponsor, Grayscale Investments Sponsors, LLC, manages Trust administration. BCH is held in custody; the Trust does not mine, trade, or actively manage the underlying asset.

Geographic exposure

U.S.-domiciled trust trading on the OTCQX marketplace. BCH index pricing draws from trading platforms across U.S. and international jurisdictions, including Coinbase (U.S.), Bitstamp by Robinhood (U.K. with U.S. operations), Kraken (U.S.), LMAX Digital, and Crypto.com.

Source: SEC 10-K, filed 2025-09-05

Industry: Commodity Contracts Brokers & Dealers