Grayscale Litecoin Trust (LTC) (OTC: LTCN) is a digital asset investment trust that holds Litecoin (LTC) on behalf of shareholders, providing exposure to LTC price movements without requiring direct ownership of the cryptocurrency. The Trust generates revenue for its sponsor, Grayscale Investments, LLC, through a Sponsor's Fee that is paid in-kind by withdrawing LTC from the Trust. The Trust had net assets of $175,867 thousand as of June 30, 2025, a 31% increase for the fiscal year ended June 30, 2025, driven by LTC price appreciation from $74.60 per LTC at June 30, 2024 to $87.11 per LTC at June 30, 2025, as well as contributions of approximately 274,058 LTC tied to Share creations during the year. The Sponsor's Fee totaled $4,345 thousand for the fiscal year ended June 30, 2025. Shares trade on the OTCQX marketplace. The only Authorized Participant is Grayscale Securities, an affiliate of the Sponsor.

Revenue model

The Trust charges a Sponsor's Fee paid in-kind through periodic withdrawals of LTC from Trust assets. The fee totaled $4,345 thousand for the fiscal year ended June 30, 2025, and approximately 49,165 LTC were withdrawn to cover this fee during that period.

Products and services

A single-asset investment trust holding Litecoin (LTC). Shares trade on the OTCQX marketplace under the ticker LTCN. The Trust's NAV per Share was $7.25 as of June 30, 2025, compared to $6.37 as of June 30, 2024 and $9.22 as of June 30, 2023.

Customers and end markets

Investors and speculators seeking LTC price exposure through a traditional securities wrapper without directly holding or custodying the digital asset. The filing notes that a significant portion of digital asset demand historically comes from speculators and investors seeking short- or long-term holding gains.

Value-chain role

Passive single-asset custodial trust. The Sponsor, Grayscale Investments, LLC, manages Trust operations. Grayscale Securities, an affiliate, serves as the sole Authorized Participant for Share creations and redemptions. LTC price is referenced against constituent trading platforms including Coinbase, Bitfinex, Kraken, LMAX Digital, Bitstamp, Crypto.com, and itBit as of June 30, 2025.

Geographic exposure

The Trust is organized in the United States and shares trade on the OTCQX marketplace. No specific geographic breakdown of shareholder base is disclosed in the filing.

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

Industry: Commodity Contracts Brokers & Dealers