What changed in this filing

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

2026-09-03 compared with 2025-09-05 · 171 added, 398 removed, 428 unchanged (57% of the section changed)

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Under the Trust Agreement, all management functions of the Trust have been delegated to and are conducted by the Sponsor, its agents and its affiliates, including without limitation, the Custodian and its agents.

As officers of the Sponsor, Peter Mintzberg, the principal executive officer of the Sponsor, and Edward McGee, the principal financial and accounting officer of the Sponsor, may take certain actions and execute certain agreements and certifications for the Trust, in their capacity as the principal officers of the Sponsor.

As officers of the Sponsor, Peter Mintzberg, the principal executive officer of the Sponsor, and Kathryn Masci, the principal financial and accounting officer of the Sponsor, may take certain actions and execute certain agreements and certifications for the Trust, in their capacity as the principal officers of the Sponsor.

As of and prior to December 31, 2024, GSI had a board of directors that was responsible for managing and directing the affairs of the Sponsor.

From and after January 1, 2025, GSO Intermediate Holdings Corporation (“GSOIH”), a Delaware corporation formed in connection with the Reorganization, which is the sole managing member of GSO and an indirect subsidiary of DCG, has a board of directors (the “Board”).

The Boar d consists of Barry Silbert, Mark Shifke, Matthew Kummell, Mr.

Mintzberg, and Mr.

Mintzberg and Mr.

McGee also retain the authority granted to them as officers under the limited liability company agreement of the Sponsor.

From January 1, 2025 to October 22, 2025, GSO Intermediate Holdings Corporation (“GSOIH”), a Delaware corporation formed in connection with the internal corporate reorganization of Grayscale Investments, LLC consummated on January 1, 2025, which was the sole managing member of GSO and an indirect subsidiary of DCG, had a board of directors which was responsible for managing and directing the affairs of the Sponsor.

On October 22, 2025, GSOIH consummated an internal corporate reorganization (the “Management Reorganization”), pursuant to which GSOIH transferred a portion of its common membership units of GSO for Class A shares of Grayscale Investments, Inc.

(“Grayscale Investments”), a Delaware corporation incorporated in connection with the Management Reorganization, and ceded its managing member rights in GSO to Grayscale Investments.

As a result of the Management Reorganization, Grayscale Investments is now the sole managing member of GSO, the sole member of the Sponsor.

On October 22, 2025, as a result of the Management Reorganization, DCG Grayscale Holdco, LLC, the sole stockholder of Grayscale Investments, elected a board of directors (the “Board”) at Grayscale Investments.

As a result of the Management Reorganization, the Board of Grayscale Investments was responsible for managing and directing the affairs of the Sponsor from October 22, 2025 to May 4, 2026, and consisted of Barry Silbert, Mark Shifke, Simon Koster, Peter Mintzberg and Edward McGee, mostly the same members as the board of directors of GSOIH prior to the Management Reorganization.

On May 4, 2026, a Board of Managers of Grayscale Investments Sponsors, LLC was created to manage and direct the affairs of the Sponsor, under authority delegated by the Board.

While the Board retains overall oversight of Grayscale Investments and its subsidiaries as a whole, including the Sponsor, the Board of Managers was granted authority to manage the day-to-day affairs of the Sponsor under the amended and restated limited liability company agreement of the Sponsor.

From May 4, 2026 until July 2, 2026, the Board of Managers consisted of Peter Mintzberg, Edward McGee, and Craig Salm.

Effective July 2, 2026, Kathryn Masci was appointed to serve as Interim Chief Financial Officer of the Sponsor.

Masci was appointed as a member of the Board of Managers and as principal financial and accounting officer of the registrant, and Edward McGee stepped down as Chief Financial Officer, principal financial and accounting officer and a member of the Board of Managers.

From and after July 2, 2026, the Board of Managers consists of Peter Mintzberg, Kathryn Masci, and Craig Salm.

Mintzberg, Ms.

Masci, and Mr.

Salm are granted authority to manage the day-to-day affairs of the Sponsor under the amended and restated limited liability company agreement of the Sponsor.

The Sponsor has an Audit Committee.

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Prior to January 1, 2025, references to the “Sponsor” in this section refer to GSI, and thereafter refer to GSO or GSIS, as applicable.

In connection with the Reorganization, the former Board of GSI was reconstituted at GSOIH.

From and after January 1, 2025, any references to the Board in this section refer to the Board of GSOIH.

Barry Silbert, Chairman of the Board

Barry Silbert, 49, is the founder and Chief Executive Officer of DCG and has served as chairman of the Board since August 2025 (previously served as a director and chairman of the Board from February 2020 through December 2023).

Until January 2021, Mr.

Silbert was the Chief Executive Officer of the Sponsor.

A pioneer in blockchain investing, Mr.

Silbert established himself in 2012 as one of the earliest and most active investors in the industry.

Silbert founded DCG in 2015 and today, it is one of the world’s most prolific investors in decentralized technologies, backing over 250 early-stage companies in more than 40 countries.

Silbert founded Yuma, a decentralized AI-focused subsidiary of DCG, where he also serves as CEO.

Yuma invests in, builds, and scales the Bittensor network.

The Sponsor is a wholly owned indirect subsidiary of DCG.

DCG also owns Foundry, Fortitude, Luno and Yuma.

DCG also invests directly in digital currencies and other digital assets.

Prior to leading DCG, Mr.

Silbert was the founder and CEO of SecondMarket, a venture-backed technology company that was acquired by Nasdaq.

Silbert has received numerous awards and accolades, including being named “Entrepreneur of the Year” by both Ernst & Young and Crain’s, and being selected to Fortune’s prestigious “40 under 40” list.

Before becoming an entrepreneur, Mr.

Silbert worked as an investment banker.

He graduated with honors from the Goizueta Business School of Emory University.

Mark Shifke, Board Member

Mark Shifke, 66, is the Chief Financial Officer of DCG and has served as a director of the Board since January 2024 (previously served as chairman of the Board through August 2025, upon the appointment of Mr.

Since March 2021, Mr.

Shifke has served on the board of directors of Dock Ltd., a full-stack payments and digital banking platform.

Since September 2023, Mr.

Shifke has served on the board of directors of Luno, a cryptocurrency platform.

Shifke has nearly four decades of financial and fintech experience, and more than eight years of CFO experience leading two publicly-traded companies.

Prior to joining DCG, Mr.

Shifke served as CFO of Billtrust, a company focused on providing AR and cloud-based solutions around payments, and as CFO of Green Dot (NYSE:

GDOT), a mobile banking company and payments platform.

Previously, Mr.

Shifke led teams at JPMorgan Chase and Goldman Sachs, specializing in M&A Structuring and Advisory, as well as Tax Asset Investments.

Shifke also served as the Head of International

Structured Finance Group at KPMG.

Shifke began his career at Davis Polk, where he was a partner.

He is a graduate of Tulane University (B.A./J.D.) and the New York University School of Law (LL.M.

in Taxation).

Matthew Kummell, Board Member

Matt Kummell, 49, is Senior Vice President of Institutional and Enterprise at the NEAR Foundation and has served as a director of the Sponsor since January 2024.

In his role at the NEAR Foundation, Mr.

Kummell leads efforts to engage institutional and enterprise businesses with the NEAR Protocol ecosystem.

From December 2023 through June 2025, Mr.

Kummell served as a member of the board of directors of Foundry, a digital asset mining and staking company.

Until November 2023, Mr.

Kummell served on the board of directors of CoinDesk, Inc., a digital media, events and information services company.

Until January 2012, Mr.

Kummell served on the board of directors of Derivix Corporation, a financial services software company.

Prior to joining the NEAR Foundation in 2025, Mr.

Kummell was Senior Vice President of Strategy & Operations at DCG (2021 to 2025).

From 2018 to 2021, he served as the Head of North America for Citi’s Business Advisory Services team, a strategic consulting group within Citi’s Markets division focused on institutional investor clients.

Earlier in his career, Mr.

Kummell held strategic and front-office roles at Citadel, Balyasny Asset Management, and S.A.C.

Capital Advisors (the predecessor to Point 72 Asset Management).

He also worked as a Case Team Leader at Bain & Company in its Boston office.

From 2020 to 2025, Mr.

Kummell was an Adjunct Professor at the Tuck School of Business at Dartmouth College.

He holds a B.A.

from the University of California, Los Angeles, and an M.B.A.

from the Tuck School of Business at Dartmouth College.

In connection with the Reorganization, the former Board of GSI was reconstituted at GSOIH, and in connection with the Management Reorganization, the former board of GSOIH was reconstituted at Grayscale Investments.

Prior to January 1, 2025, any references to the “Board” refer to the board of directors of Grayscale Investments, LLC, the former sponsor of the Trust.

From January 1, 2025 to October 22, 2025, any references to the “Board” refer to the board of directors of GSOIH.

From October 22, 2025 to May 4, 2026, any references to the “Board” refer to the board of directors of Grayscale Investments.

From and after May 4, 2026, any references to the “Board of Managers” or the “Board” refer to the Board of Managers of the Sponsor.

Peter Mintzberg, Board Member and Chief Executive Officer

Peter Mintzberg, 57, has been the Chief Executive Officer of the Sponsor and has served as a director of the Sponsor since August 2024.

Peter Mintzberg, 58, has been the Chief Executive Officer of the Sponsor since August 2024 and has served as a member of the Board of Managers since May 2026.

Mintzberg joins the Sponsor from Goldman Sachs, where he served as Global Head of Strategy for Asset and Wealth Management.

Prior, he held several global leadership roles in Strategy, M&A, and Investor Relations at BlackRock, Apollo, OppenheimerFunds, and Invesco.

With deep knowledge across a broad base of client types and asset classes, Mintzberg has over two decades of experience developing and executing strategy and innovating to drive growth.

With deep knowledge across a broad base of client types and asset classes, Mr.

Mintzberg has over two decades of experience developing and executing strategy and innovating to drive growth.

Mintzberg started his career working at McKinsey & Co.

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He earned a bachelor’s degree in engineering from the Universidade Federal Rio de Janeiro, and an MBA from Harvard University.

Edward McGee, Board Member and Chief Financial Officer

Edward McGee, 41, has been the Chief Financial Officer of the Sponsor since January 2022 and has served as a director of the Sponsor since January 2024.

Before serving as CFO, Mr.

McGee was Vice President, Finance and Controller of the Sponsor since June 2019.

Prior to taking on his role at the Sponsor, Mr.

McGee served as a Vice President, Accounting Policy at Goldman, Sachs & Co.

providing coverage to their SEC Financial Reporting team facilitating the preparation and review of their financial statements and provided U.S.

GAAP interpretation, application and policy development while servicing their Special Situations Group, Merchant Banking Division and Urban Investments Group from 2014 to 2019.

From 2011 to 2014, Mr.

McGee was an auditor at Ernst & Young providing assurance services to publicly listed companies.

McGee earned his Bachelor of Science degree in accounting from the John H.

Sykes College of Business at the University of Tampa and graduated with honors while earning his Master of Accountancy in Financial Accounting from the Rutgers Business School at the State University of New Jersey.

McGee is a Certified Public Accountant licensed in the state of New York.

Kathryn Masci, Board Member and Interim Chief Financial Officer

Kathryn Masci, 34, has served as Interim Chief Financial Officer of the Sponsor and as a member of the Board of Managers since July 2, 2026.

Masci has served as Senior Vice President of Finance of Grayscale since January 2026 and has been with Grayscale since May 2020.

Prior to serving as Senior Vice President of Finance, Ms.

Masci held various finance and accounting roles at Grayscale.

Prior to joining Grayscale, Ms.

Masci served as Assistant Controller at Garrison Capital Inc., a publicly traded business development company, from July 2019 to May 2020.

Before joining Garrison Capital, Ms.

Masci served as a Senior Financial Reporting Associate at Pzena Investment Management, Inc., a publicly traded investment management firm, where she oversaw financial reporting and accounting policy from October 2016 to July 2019.

From July 2014 to October 2016, Ms.

Masci worked at Ernst & Young LLP in the Banking & Capital Markets and Professional Practice groups, providing audit and advisory services to financial services clients and supporting the consultation and accounting policy process for financial services audit teams.

Masci earned her Bachelor of Science and Master of Science degrees in Accounting from the School of Management at Binghamton University, State University of New York.

Masci is a Certified Public Accountant licensed in the state of New York.

Craig Salm, Board Member and Chief Legal Officer

Craig Salm, 38, has been the Chief Legal Officer of Grayscale since 2022 and has served as a member of the Board of Managers since May 2026.

Before serving as Chief Legal Officer, Mr.

Salm was Director, Legal since January 2020 and Associate, Legal since January 2018.

Prior to joining Grayscale, Mr.

Salm was a corporate associate at Paul Weiss and a member of its Capital Markets & Securities Group—primarily focused on representing issuers, private equity sponsors, investment banks, hedge funds and other stakeholders in corporate finance transactions, as well as advising on securities law and corporate governance matters.

Salm earned his Bachelor of Science from the University of Michigan and his Juris Doctor from the Benjamin N.

Cardozo School of Law.

Salm serves as a member of the Blockchain Association and a member of the Crypto Ratings Council.

Executi ve Compensation

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The following table sets forth certain information with respect to the beneficial ownership of the Shares for (i) each person that, to the Sponsor’s knowledge based on the records of the Transfer Agent and other ownership information provided to the Sponsor, owns beneficially a significant portion of the Shares;

(ii) each director and executive officer of the Sponsor individually;

and (iii) all directors and executive officers of the Sponsor as a group.

The number of Shares beneficially owned and percentages of beneficial ownership set forth below are based on the number of Shares outstanding as of September 2, 2025.

(ii) each member of the Board of Managers and executive officer of the Sponsor individually;

and (iii) all members of the Board of Managers and executive officers of the Sponsor as a group.

The number of Shares beneficially owned and percentages of beneficial ownership set forth below are based on the number of Shares outstanding as of August 31, 2026.

In accordance with the rules of the SEC, beneficial ownership includes voting or investment power with respect to securities.

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Digital Currency Group, Inc.

Directors & Executive Officers of the Sponsor:

Barry Silbert (5)

Matthew Kummell

Members of the Board of Managers, Executive Officers & Other Named Executive Officers of the Sponsor:

Peter Mintzberg

Directors & Executive Officers of the Sponsor as a group

(1) Includes 512,300 Shares held by DCG International Investments Ltd., a wholly owned subsidiary of Digital Currency Group, Inc.;

and 6,588 Shares held by Grayscale Securities, LLC, the Authorized Participant of the Trust and a wholly owned subsidiary of Digital Currency Group, Inc.

(2) On March 2, 2022, the Board approved the purchase by DCG, the indirect parent company of the Sponsor, of up to $200 million worth of Shares of the Trust and shares of any of the following five investment products the Sponsor also acts as the sponsor and manager of, including Grayscale Bitcoin Trust ETF (NYSE Arca:

GBTC), Grayscale Digital Large Cap Fund LLC (OTCQX:

GDLC), Grayscale Ethereum Trust ETF (NYSE Arca:

ETHE), Grayscale Ethereum Classic Trust (ETC) (OTCQX:

ETCG), and Grayscale Stellar Lumens Trust (XLM) (OTCQX:

Kathryn Masci

Members of the Board of Managers, Executive Officers & Other Named Executive Officers of the Sponsor as a group

(1) On March 2, 2022, the Board approved the purchase by DCG, the indirect parent company of the Sponsor, of up to an aggregate total of $200 million worth of Shares of the Trust and shares of any of the following five investment products the Sponsor also acts as the sponsor and manager of, including Grayscale Bitcoin Trust ETF (NYSE Arca:

GBTC), Grayscale Ethereum Classic Trust (ETC) (OTCQX:

ETCG), Grayscale CoinDesk Crypto 5 ETF (NYSE Arca:

GDLC), Grayscale Ethereum Staking ETF (NYSE Arca:

ETHE), and Grayscale Stellar Lumens Trust (XLM) (OTCQX:

Subsequently, DCG authorized such purchase.

The Share purchase authorization does not obligate DCG to acquire any specific number of Shares in any period, and may be expanded, extended, modified, or discontinued at any time.

From March 2, 2022 through September 2, 2025, DCG did not purchase any Shares of the Trust under this authorization.

(3) Barry Silbert is the Chief Executive Officer of DCG and in such capacity may be deemed to have voting and dispositive power over the securities held, directly or indirectly, by such entity.

From March 2, 2022 through August 31, 2026, DCG did not purchase any Shares of the Trust under this authorization.

(2) The Trust does not have any directors, officers or employees.

Under the Trust Agreement, all management functions of the Trust have been delegated to and are conducted by the Sponsor, its agents and its affiliates.

(5) Does not include Shares beneficially owned through DCG.

* Represents beneficial ownership of less than 1%.

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Digital Currency Group, Inc.

DCG is (i) the sole equity holder and indirect parent company of the Sponsor, (ii) the indirect parent company of Grayscale Securities, the only acting Authorized Participant as of the date of this Annual Report, and (iii) a minority interest holder in Kraken, one of the Digital Asset Trading Platforms included in the Index, representing less than 1.0% of its equity.

DCG is (i) the indirect parent company of the Sponsor, (ii) the indirect parent company of Grayscale Securities, the only acting Authorized Participant as of the date of this Annual Report, and (iii) a minority interest holder in Kraken, one of the Digital Asset Trading Platforms included in the Index, representing less than 1.0% of its equity.

DCG has investments in a large number of digital assets and companies involved in the digital asset ecosystem, including trading platforms and custodians.

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Principal Accou ntant Fees and Services

Fees for services performed by KPMG LLP (“KPMG”), for the year ended June 30, 2025 and Marcum LLP (“Marcum”), for the year ended June 30, 2025:

Fees for services performed by KPMG LLP (“KPMG”), for the years ended June 30, 2026 and 2025:

Years Ended June 30,

In the table above, in accordance with the SEC’s definitions and rules, Audit Fees are fees paid to KPMG, and previously Marcum for professional services for the audit of the Trust’s financial statements included in the annual report on Form 10-K and review of financial statements included in the quarterly reports on Form 10-Q, and for services that are normally provided by the accountants in connection with regulatory filings or engagements.

In the table above, in accordance with the SEC’s definitions and rules, Audit Fees are fees paid to KPMG for professional services for the audit of the Trust’s financial statements included in the annual report on Form 10-K and review of financial statements included in the quarterly reports on Form 10-Q, and for services that are normally provided by the accountants in connection with regulatory filings or engagements.

Pre-Approved Policies and Procedures

The Trust has no board of directors, and as a result, has no audit committee or pre-approval policy with respect to fees paid to its principal accounting firm.

Such determinations, including for the fiscal year ended June 30, 2025, are made by the Sponsor’s Board of Directo rs and Audit Committee.

From and after January 1, 2025, such determinations are made by the Board of Directors of GSOIH and the Audit Committee of GSIS.

Exhibits and Fina ncial Statements Schedules

Such determinations, including for the fiscal year ended June 30, 2026, are made by the Audit Committee.

Prior to January 1, 2025, “Board” refers to the board of directors of Grayscale Investments, LLC, the former Sponsor of the Trust.

From January 1, 2025, to October 22, 2025, “Board” refers to the board of directors of GSOIH.

From and after October 22, 2025, “Board” refers to the board of directors of Grayscale Investments.

From and after May 4, 2026, “Board” refers to the Board of Managers of the Sponsor.

Exhibits and Fina ncial Statement Schedules

Financial Statements

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Amendment No.

6 to the Index License Agreement, dated March 1, 2025, between the Sponsor and the Index Provider.

6 to the Index License Agreement, dated March 1, 2025, between the Sponsor and the Index Provider (incorporated by reference to Exhibit 10.5 of the Annual Report on Form 10-K filed by the Registrant on September 5, 2025).

Transfer Agency and Service Agreement (incorporated by reference to Exhibit 10.4 of the Registration Statement on Form 10 filed by the Registrant on July 12, 2021).

1 unchanged sentence

Coinbase Assignment Agreement (incorporated by reference to Exhibit 10.2 of the current report on Form 8-K filed by the Registrant on January 3, 2025).

Prime Broker Agreement, dated October 3, 2025, among the Sponsor, on behalf of itself and the Trust, Coinbase, Inc.

and Coinbase Custody Trust Company, LLC (incorporated by reference to Exhibit 10.1 of the current report on Form 8-K filed by the Registrant on October 9, 2025).

Fund Administration and Accounting Agreement, dated October 9, 2025, between the Sponsor and BNY Mellon Asset Servicing (incorporated by reference to Exhibit 10.2 of the current report on Form 8-K filed by the Registrant on October 9, 2025).

Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

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Not applicable.

Glossary of D efined Terms

In this Annual Report, each of the following quoted terms has the meanings set forth after such term:

“ Actual Exchange Rate ”—With respect to any particular asset, at any time, the price per single unit of such asset (determined net of any associated fees) at which the Trust is able to sell such asset for U.S.

“ Additional Trust Expenses ”—Together, any expenses incurred by the Trust in addition to the Sponsor’s Fee that are not Sponsor-paid Expenses, including, but not limited to, (i) taxes and governmental charges, (ii) expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the interests of shareholders (including in connection with any Incidental Rights and any IR Virtual Currency), (iii) any indemnification of the Custodian or other agents, service providers or counterparties of the Trust, (iv) the fees and expenses related to the listing, quotation or trading of the Shares on any Secondary Market (including legal, marketing and audit fees and expenses) to the extent exceeding $600,000 in any given fiscal year and (v) extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters.

“ Administrator Fee ”—The fee payable to any administrator of the Trust for services it provides to the Trust, which the Sponsor will pay such administrator as a Sponsor-paid Expense.

“ Affirmative Action ”—A decision by the Trust to acquire or abandon specific Incidental Rights and IR Virtual Currency at any time prior to the time of a creation of Shares.

“ Agent ”—A Person appointed by the Trust to act on behalf of the shareholders in connection with any distribution of Incidental Rights and/or IR Virtual Currency.

“ AML ”—Anti-money laundering.

“ Authorized Participant ”—Certain eligible financial institutions that have entered into an agreement with the Trust and the Sponsor concerning the creation of Shares.

Each Authorized Participant (i) is a registered broker-dealer, (ii) has entered into a Participant Agreement with the Sponsor and (iii) owns a digital wallet address that is known to the Custodian as belonging to the Authorized Participant or a Liquidity Provider.

“ Basket ”—A block of 100 Shares.

“ Basket Amount ”—On any trade date, the amount of BCH required as of such trade date for each Creation Basket, as determined by dividing (x) the amount of BCH owned by the Trust at 4:00 p.m., New York time, on such trade date, after deducting the amount of BCH representing the U.S.

dollar value of accrued but unpaid fees and expenses of the Trust (converted using the Index Price at such time, and carried to the eighth decimal place), by (y) the number of Shares outstanding at such time (with the quotient so obtained calculated to one one-hundred-millionth of one BCH ( i.e.

, carried to the eighth decimal place)), and multiplying such quotient by 100.

“ Binance ”—Binance Holdings Ltd.

“ Bitcoin ”—A type of digital asset based on an open-source cryptographic protocol existing on the Bitcoin Network.

“ Bitcoin Network ”—The online, end-user-to-end-user network hosting a public transaction ledger, known as the Bitcoin blockchain, and the source code comprising the basis for the cryptographic and algorithmic protocols governing the Bitcoin Network.

“ Bitcoin Cash Network ”—The online, end-user-to-end-user network hosting a public transaction ledger, known as the Blockchain, and the source code comprising the basis for the cryptographic and algorithmic protocols governing the Bitcoin Cash Network.

See “Overview of the BCH Industry and Market.”

“ BCH ” or “ Bitcoin Cash ”—Bitcoin Cash tokens, which are a type of digital asset based on an open source cryptographic protocol existing on the Bitcoin Cash Network, comprising units that constitute the assets underlying the Trust’s Shares.

“ Blockchain ”—The public transaction ledger of the Bitcoin Cash Network on which transactions in BCH are recorded.

“ CDI ”—CoinDesk Indices, Inc., with its affiliates, including CC Data Limited.

“ CEA ”—Commodity Exchange Act of 1936, as amended.

“ CFPB ”—The Consumer Financial Protection Bureau.

“ CFTC ”—The U.S.

Commodity Futures Trading Commission, an independent agency with the mandate to regulate commodity futures and option markets in the United States.

“ CME ”—The Chicago Mercantile Exchange.

“ Code ”—The U.S.

Internal Revenue Code of 1986, as amended.

“ Coinbase ”—Coinbase, Inc.

“ Covered Person ”—The Sponsor and its affiliates.

Business—Description of the Trust Agreement—The Sponsor—Liability of the Sponsor and Indemnification.”

“ Creation Basket ”—Basket of Shares issued by the Trust upon deposits of the Basket Amount required for each such Creation Basket.

“ Creation Time ”—With respect to the creation of any Shares by the Trust, the time at which the Trust creates such Shares.

“ Custodial Services ”—The Custodian’s services that (i) allow BCH to be deposited from a public blockchain address to the Trust’s Digital Asset Account and (ii) allow the Trust and the Sponsor to withdraw BCH from the Trust’s Digital Asset Account to a public blockchain address the Trust or the Sponsor controls pursuant to instructions the Trust or the Sponsor provides to the Custodian.

“ Custodian ”—Coinbase Custody Trust Company, LLC.

“ Custodian Agreement ”—The Amended and Restated Custodial Services Agreement, dated as of June 29, 2022, by and between the Trust and the Sponsor and Custodian that governs the Trust’s and the Sponsor’s use of the Custodial Services provided by the Custodian as a fiduciary with respect to the Trust’s assets.

“ Custodian Fee ”—Fee payable to the Custodian for services it provides to the Trust, which the Sponsor shall pay to the Custodian as a Sponsor-paid Expense.

“ CUTPA ”—The Connecticut Unfair Trade Practices Act.

“ DCG ”—Digital Currency Group, Inc.

“ Digital Asset Account ”—A segregated custody account controlled and secured by the Custodian to store private keys, which allow for the transfer of ownership or control of the Trust’s BCH on the Trust’s behalf.

“ Digital Asset Market ”—A “Brokered Market,” “Dealer Market,” “Principal-to-Principal Market” or “Exchange Market” (referred to as “Trading Platform Market” in this Annual Report), as each such term is defined in the Financial Accounting Standards Board Accounting Standards Codification Master Glossary.

“ Digital Asset Trading Platform ”—An electronic marketplace where trading platform participants may trade, buy and sell BCH based on bid-ask trading.

The largest Digital Asset Trading Platforms are online and typically trade on a 24-hour basis, publishing transaction price and volume data.

“ Digital Asset Trading Platform Market ”—The global trading platform market for the trading of BCH, which consists of transactions on electronic Digital Asset Trading Platforms.

“ DSTA ”—The Delaware Statutory Trust Act, as amended.

“ DTC ”—The Depository Trust Company.

DTC is a limited purpose trust company organized under New York law, a member of the U.S.

Federal Reserve System and a clearing agency registered with the SEC.

DTC will act as the securities depository for the Shares.

“ ERISA ”—The Employee Retirement Income Security Act of 1974, as amended.

“ Exchange Act ”—The Securities Exchange Act of 1934, as amended.

“ FDIC ”—The Federal Deposit Insurance Corporation.

“ FinCEN ”—The Financial Crimes Enforcement Network, a bureau of the U.S.

Department of the Treasury.

“ FINRA ”—The Financial Industry Regulatory Authority, Inc., which is the primary regulator in the United States for broker-dealers, including Authorized Participants.

“ FSMA ”—The Financial Services and Markets Act 2023.

“ FTX ”—FTX Trading, Ltd.

“ Genesis ”—Genesis Global Trading, Inc., a wholly owned subsidiary of Digital Currency Group, Inc.

“ Grayscale Securities ”—Grayscale Securities, LLC, a wholly owned direct subsidiary of Grayscale Operating, LLC, which as of the date of this Annual Report, is the only acting Authorized Participant.

“ GSI ”—Grayscale Investments, LLC, the Sponsor of the Trust, until December 31, 2024.

“ GSIS ”—Grayscale Investments Sponsors, LLC, a Delaware limited liability company and a wholly owned direct subsidiary of Grayscale Operating, LLC.

“ GSO ”—Grayscale Operating, LLC, a Delaware limited liability company and a wholly owned indirect subsidiary of Digital Currency Group, Inc.

“ GSOIH ”—GSO Intermediate Holdings Corporation, a Delaware corporation formed in connection with the Reorganization which is the sole managing member of GSO, and an indirect subsidiary of DCG.

“ ICE ”—Intercontinental Exchange

“ Incidental Rights ”—Rights to acquire, or otherwise establish dominion and control over, any virtual currency or other asset or right, which rights are incident to the Trust’s ownership of BCH and arise without any action of the Trust, or of the Sponsor or Trustee on behalf of the Trust.

“ Index ”—The CoinDesk Bitcoin Cash Price Index (BCX).

“ Index License Agreement ”—The license agreement, dated as of February 1, 2022, between the Index Provider and the Sponsor governing the Sponsor’s use of the Index for calculation of the Index Price, as amended from time to time.

“ Index Price ”—The U.S.

dollar value of a BCH derived from the Digital Asset Trading Platforms that are reflected in the Index, calculated at 4:00 p.m., New York time, on each business day.

Business—Overview of the BCH Industry and Market—BCH Value—The Index and the Index Price” for a description of how the Index Price is calculated.

For purposes of the Trust Agreement, the term BCH Index Price shall mean the Index Price as defined herein.

“ Index Provider ”—CoinDesk Indices, Inc., a Delaware corporation that publishes the Index.

“ Investment Advisers Act ”—Investment Advisers Act of 1940, as amended.

“ Investment Company Act ”—Investment Company Act of 1940, as amended.

“ Investor ”—Any investor that has entered into a subscription agreement with an Authorized Participant, pursuant to which such Authorized Participant will act as agent for the investor.

“ IRAs ”—Individual retirement accounts.

“ IR Virtual Currency ”—Any virtual currency tokens, or other asset or right, acquired by the Trust through the exercise (subject to the applicable provisions of the Trust Agreement) of any Incidental Right.

“ IRS ”—The U.S.

Internal Revenue Service, a bureau of the U.S.

Department of the Treasury.

“ KYC ”—Know-your-customer.

“ Liquidity Provider ”—A service provider that facilitates the purchase of BCH in connection with the creation of Baskets.

“ Marketing Fee ”—Fee payable to the marketer for services it provides to the Trust, which the Sponsor will pay to the marketer as a Sponsor-paid Expense.

“ Merger ”—The merger of Grayscale Investments, LLC with and into Grayscale Operating, LLC, with Grayscale Operating, LLC continuing as the surviving company.

“ MiCA ”—The Markets in Crypto-Assets Regulation, which was approved by the Parliament of the European Union in 2023.

“ MSB ”—A money services business.

“ NAV ”—The aggregate value, expressed in U.S.

dollars, of the Trust’s assets (other than U.S.

dollars or other fiat currency), less its liabilities (which include estimated accrued but unpaid fees and expenses), a non-GAAP metric, calculated in the manner set forth under “Item 1.

Business—Valuation of BCH and Determination of NAV.” See also “Item 1.

Business—Investment Objective” for a description of the Trust’s Principal Market NAV, as calculated in accordance with U.S.

Prior to February 7, 2024, NAV was referred to as Digital Asset Holdings.

For purposes of the Trust Agreement, the term BCH Holdings shall mean the NAV as defined herein.

“ NAV Fee Basis Amount ”—The amount on which the Sponsor’s Fee for the Trust is based, as calculated in the manner set forth under “Item 1.

Business—Valuation of BCH and Determination of NAV”.

For purposes of the Trust Agreement, the term BCH Holdings Fee Basis Amount shall mean the NAV Fee Basis Amount as defined herein.

“ Non-ERISA Arrangements ”—Government plans, non-U.S.

plans and certain church plans, which are not subject to the fiduciary responsibility or prohibited transaction provisions of ERISA or Section 4975 of the Code, but may be subject to similar rules under Similar Laws.

“ NYSE Arca ”—NYSE Arca, Inc.

“ OTCQX ”—The OTCQX Best Market® of OTC Markets Group Inc.

“ Participant Agreement ”—An agreement entered into by an Authorized Participant with the Sponsor that provides the procedures for the creation of Baskets and for the delivery of BCH required for Creation Baskets.

“ Plans ”—Employee benefit plans and certain other plans and arrangements, including IRAs and annuities, Keogh plans, and certain collective investment funds or insurance company general or separate accounts in which such plans or arrangements are invested, that are subject to ERISA and/or the Section 4975 of the Code.

“ Pre-Creation Abandonment ”—The abandonment by the Trust, irrevocably for no direct or indirect consideration, all Incidental Rights and IR Virtual Currency to which the Trust would otherwise be entitled, effective immediately prior to a Creation Time for the Trust.

“ Pre-Creation Abandonment Notice ”—A notice delivered by the Sponsor to the Custodian, on behalf of the Trust, stating that the Trust is abandoning irrevocably for no direct or indirect consideration, effective immediately prior to each Creation Time, all Incidental Rights and IR Virtual Currency to which it would otherwise be entitled as of such time and with respect to which the Trust has not taken any Affirmative Action at or prior to such time.

“ Principal Market NAV ”—The net asset value of the Trust determined on a U.S.

Prior to February 7, 2024, Principal Market NAV was referred to as NAV.

“ Reorganization ”—The internal corporate reorganization of Grayscale Investments, LLC consummated on January 1, 2025.

“ SEC ”—The U.S.

Securities and Exchange Commission.

“ Secondary Index ”—The Coin Metrics Real-Time Rate.

“ Secondary Index Price ”—The price set by Coin Metrics Real-Time Rate as of 4:00 p.m., New York time, on the valuation date.

Business—Overview of the BCH Industry and Market—BCH Value—The Index and the Index Price—Determination of the Index Price When Index Price is Unavailable” for a description of how the Secondary Index Price is utilized when the Index Price is unavailable.

“ Secondary Index Provider ”—Coin Metrics Inc, a Delaware corporation that publishes the Secondary Index.

“ Secondary Market ”—Any marketplace or other alternative trading system, as determined by the Sponsor, on which the Shares may then be listed, quoted or traded, including but not limited to, the OTCQX Best Market ® of OTC Markets Group Inc.

“ Securities Act ”—The Securities Act of 1933, as amended.

“ Shares ”—Common units of fractional undivided beneficial interest in, and ownership of, the Trust.

“ Share Percentage ”—A fraction the numerator of which is the number of Shares disposed of and the denominator of which is the total number of Shares held by such U.S.

Holder immediately prior to such sale or other disposition.

“ Similar Laws ”— Rules under other federal, state, local, non-U.S.

or other applicable law that are similar to ERISA or Section 4975 of the Code.

“ SIPC ”—The Securities Investor Protection Corporation.

“ Sponsor” or “ Co-Sponsor ”—The sponsor of the Trust.

Grayscale Investments, LLC was the sponsor of the Trust before January 1, 2025, Grayscale Operating, LLC was a co-sponsor of the Trust from January 1, 2025 to May 3, 2025, and Grayscale Investments Sponsors, LLC was a co-sponsor of the Trust from January 1, 2025 to May 3, 2025 and is the sole remaining sponsor thereafter.

“ Sponsor Contracts ”—Certain contracts assigned by GSO pertaining to its role as Sponsor (as such term is defined in the Trust Agreement) of the Trust to GSIS in connection with the Reorganization.

“ Sponsor-paid Expenses ”—The fees and expenses incurred by the Trust in the ordinary course of its affairs that the Sponsor is obligated to assume and pay, excluding taxes, but including:

(i) the Marketing Fee, (ii) the Administrator Fee, (iii) the Custodian Fee and fees for any other security vendor engaged by the Trust, (iv) the Transfer Agent Fee, (v) the Trustee fee, (vi) the fees and expenses related to the listing, quotation or trading of the Shares on any Secondary Market (including customary legal, marketing and audit fees and expenses) in an amount up to $600,000 in any given fiscal year, (vii) ordinary course, legal fees and expenses, (viii) audit fees, (ix) regulatory fees, including, if applicable, any fees relating to the registration of the Shares under the Securities Act or the Exchange Act, (x) printing and mailing costs, (xi) costs of maintaining the Trust’s website and (xii) applicable license fees.

“ Sponsor’s Fee ”—A fee, payable in BCH, which accrues daily in U.S.

dollars at an annual rate of 2.5% of the NAV Fee Basis Amount of the Trust as of 4:00 p.m., New York time, on each day;

provided that for a day that is not a business day, the calculation of the Sponsor’s Fee will be based on the NAV Fee Basis Amount from the most recent business day, reduced by the accrued and unpaid Sponsor’s Fee for such most recent business day and for each day after such most recent business day and prior to the relevant calculation date.

“ Tertiary Pricing Option ”—The price set by the Trust’s principal market.

“ Total Basket Amount ”—With respect to any creation order, the applicable Basket Amount multiplied by the number of Baskets being created.

“ Transfer Agency and Service Agreement ”—The agreement between the Sponsor and the Transfer Agent which sets forth the obligations and responsibilities of the Transfer Agent with respect to transfer agency services and related matters.

“ Transfer Agent ”—Continental Stock Transfer & Trust Company, a Delaware corporation.

“ Transfer Agent Fee ”—Fee payable to the Transfer Agent for services it provides to the Trust, which the Sponsor will pay to the Transfer Agent as a Sponsor-paid Expense.

“ Treasury Regulations ”—The regulations, including proposed or temporary regulations, promulgated under the Code.

“ Trust ”—Grayscale Bitcoin Cash Trust (BCH), a Delaware statutory trust, formed on January 26, 2018 under the DSTA and pursuant to the Trust Agreement.

“ Trust Agreement ”—The Second Amended and Restated Declaration of Trust and Trust Agreement between the Trustee and the Sponsor establishing and governing the operations of the Trust, as amended by Amendments No.

3 thereto and as the same may be further amended from time to time.

“ Trustee ”—CSC Delaware Trust Company (formerly known as Delaware Trust Company), a Delaware trust company, is the Delaware trustee of the Trust.

“ UBTI ”—Unrelated business taxable income.

”—United States.

dollar ” or “ $ ”—United States dollar or dollars.

GAAP ”—United States generally accepted accounting principles.

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities* indicated, thereunto duly authorized.

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Peter Mintzberg

Member of the Board of Directors and Chief Executive Officer (Principal Executive Officer)*

/s/ Edward McGee

Member of the Board of Directors and Chief Financial Officer (Principal Financial and Accounting Officer)*

/s/ Barry Silbert

Barry Silbert

Chairman of the Board of Directors

/s/ Mark Shifke

Member of the Board of Directors

/s/ Matthew Kummell

Matthew Kummell

Member of the Board of Directors

Member of the Board of Managers and Chief Executive Officer (Principal Executive Officer)*

/s/ Kathryn Masci

Kathryn Masci

Member of the Board of Managers and Interim Chief Financial Officer (Principal Financial and Accounting Officer)*

/s/ Craig Salm

Member of the Board of Managers

and Chief Legal Officer*

September 3, 2026

* The Registrant is a trust and the persons are signing in their capacities as officers of Grayscale Investments Sponsors, LLC, the Sponsor of the Registrant, or directors of GSO Intermediate Holdings Corporation, the sole managing member of Grayscale Operating, LLC, the sole member of Grayscale Investments Sponsors, LLC, as applicable.

* The Registrant is a trust and the persons are signing in their capacities as officers and managers of Grayscale Investments Sponsors, LLC, the Sponsor of the Registrant.

INDEX TO FINANCIAL STATEMENTS

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Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Grayscale Bitcoin Cash Trust (BCH) (the Trust), including the schedule of investment, as of June 30, 2025, the related statements of operations, and changes in net assets for the year then ended, and the related notes (collectively, the financial statements).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of June 30, 2025, and the results of its operations and the changes in its net assets for the year then ended, in conformity with U.S.

We have audited the accompanying statements of assets and liabilities of Grayscale Bitcoin Cash Trust (BCH) (the Trust), including the schedules of investment, as of June 30, 2026 and June 30, 2025, the related statements of operations, and changes in net assets for the years then ended, and the related notes (collectively, the financial statements).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of June 30, 2026 and June 30, 2025, and the results of its operations and the changes in its net assets for the years then ended, in conformity with U.S.

generally accepted accounting principles.

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These financial statements are the responsibility of the Trust’s management.

Our responsibility is to express an opinion on these financial statements based on our audit.

Our responsibility is to express an opinion on these financial statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting.

As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting.

Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that our audit provides a reasonable basis for our opinion.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that our audits provide a reasonable basis for our opinion.

We have served as the Trust’s auditor since 2024.

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Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investment, of Grayscale Bitcoin Cash Trust (BCH) (the “Trust”) as of June 30, 2024, and the related statements of operations and changes in net assets for each of the years in the two-year period ended June 30, 2024, and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of June 30, 2024, and the results of its operations for each of the years in the two-year period ended June 30, 2024, in conformity with accounting principles generally accepted in the United States of America.

We have audited the statements of operations and changes in net assets of Grayscale Bitcoin Cash Trust (BCH) (the “Trust”) for the year ended June 30, 2024, and the related notes (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the results of its operations for the year ended June 30, 2024, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the management of the Trust’s Sponsor, Grayscale Investments, LLC.

Our responsibility is to express an opinion on the Trust’sfinancial statements based on our audit.

These financial statements are the responsibility of the management of the Trust’s Sponsor, Grayscale Investments Sponsors, LLC.

Our responsibility is to express an opinion on the Trust’s financial statements based on our audit.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S.

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We believe that our audit provides a reasonable basis for our opinion.

Emphasis of Matter - Investment in Digital Assets

Emphasis of Matter - Investment in Bitcoin Cash

In forming our opinion, we have considered the adequacy of the disclosures included in Note 7 to the financial statements concerning among other things the risks and uncertainties related to the Trust’s investment in Bitcoin Cash and Incidental Rights or IR Virtual Currency that arise as a result of the Trust’s investment in Bitcoin Cash.

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Net investment loss

Net realized and unrealized gain from:

Net realized loss on investment in BCH

Net change in unrealized appreciation on investment in BCH

Net realized and unrealized gain on investment

Net increase in net assets resulting from operations

Net realized and unrealized (loss) gain from:

Net realized gain (loss) on investment in BCH

Net change in unrealized appreciation/depreciation on investment in BCH

Net realized and unrealized (loss) gain on investment

Net (decrease) increase in net assets resulting from operations

See accompanying notes to financial statements.

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Years Ended June 30,

Increase in net assets from operations:

(Decrease) increase in net assets from operations:

Net investment loss

Net realized loss on investment in BCH

Net change in unrealized appreciation on investment in BCH

Net increase in net assets resulting from operations

Increase in net assets from capital share transactions:

Net realized gain (loss) on investment in BCH

Net change in unrealized appreciation/depreciation on investment in BCH

Net (decrease) increase in net assets resulting from operations

(Decrease) increase in net assets from capital share transactions:

Shares issued

Net increase in net assets resulting from capital share transactions

Total increase in net assets from operations and capital share transactions

Total (decrease) increase in net assets from operations and capital share transactions

Beginning of year

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In general, the Trust holds Bitcoin Cash (“BCH”) and, from time to time, issues common units of fractional undivided beneficial interest (“Shares”) (in minimum baskets of 100 Shares, referred to as “Baskets”) in exchange for BCH.

The redemption of Shares is not currently contemplated and the Trust does not currently operate a redemption program.

The Trust’s investment objective is for the value of the Shares (based on BCH per Share) to reflect the value of the BCH held by the Trust, less the Trust’s expenses and other liabilities.

Grayscale Investments, LLC (“GSI”), the sponsor of the Trust before January 1, 2025, Grayscale Operating, LLC (“GSO”), the co-sponsor of the Trust from January 1, 2025 to May 3, 2025, and Grayscale Investments Sponsors, LLC (“GSIS”), the co-sponsor of the Trust from January 1, 2025 to May 3, 2025 and the sole remaining sponsor thereafter (each of GSI, GSO and GSIS, the “Sponsor”, as the context may require, and GSO and GSIS, together, the “Co-Sponsors”), are each an indirect wholly owned subsidiary of Digital Currency Group, Inc.

The Sponsor is responsible for the day-to-day administration of the Trust pursuant to the provisions of

the Trust Agreement.

As of June 30, 2026, the Trust did not operate a redemption program.

Subject to receipt of regulatory approval and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program.

The Trust’s investment objective is for the value of the Shares (based on the BCH per Share) to reflect the value of the BCH held by the Trust, less the Trust’s expenses and other liabilities.

Grayscale Investments, LLC (“GSI”) was the sponsor of the Trust before January 1, 2025, Grayscale Operating, LLC (“GSO”) was the co-sponsor of the Trust from January 1, 2025 to May 3, 2025, and Grayscale Investments Sponsors, LLC (“GSIS” or the “Sponsor”) was the co-sponsor of the Trust from January 1, 2025 to May 3, 2025 and is the sole remaining sponsor thereafter.

GSI was, and each of GSO and GSIS are, a consolidated subsidiary of Digital Currency Group, Inc.

The Sponsor is responsible for the day-to-day administration of the Trust pursuant to the provisions of the Amended and Restated Declaration of Trust and Trust Agreement between the Trustee and the Sponsor establishing and governing the operations of the Trust, as amended by Amendments No.

3 thereto and as the same may be further amended from time to time (the “Trust Agreement”).

The Sponsor is responsible for preparing and providing annual and quarterly reports on behalf of the Trust to investors and is also responsible for selecting and monitoring the Trust’s service providers.

As partial consideration for the Sponsor’s services, the Trust pays the Sponsor a Sponsor’s Fee as discussed in Note 6.

As partial consideration for the Sponsor’s services, the Trust pays a fee to the Sponsor, calculated as 2.5 % of the aggregate value of the Trust’s assets, less its liabilities (which include any accrued but unpaid expenses up to, but excluding, the date of calculation), as calculated and published by the Sponsor or its delegates in the manner set forth in the Trust Agreement (the “Sponsor’s Fee”).

The Sponsor also acts as the sponsor and manager of other single-asset and diversified investment products, each of which is an affiliate of the Trust.

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Any information contained on or linked from such website is not part of nor incorporated by reference into these audited financial statements.

Several of the affiliated investment products are also SEC reporting companies with their shares registered pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

In addition, the following affiliated investment products are SEC reporting companies with their shares registered pursuant to Section 12(b) of the Exchange Act:

Grayscale Bitcoin Trust ETF, Grayscale Ethereum Trust ETF, Grayscale Ethereum Mini Trust ETF, and Grayscale Bitcoin Mini Trust ETF.

Authorized Participants of the Trust are the only entities who may place orders to create or, if permitted, redeem Baskets.

Authorized participants of the Trust (the “Authorized Participants”) are the only entities who may place orders to create or, if permitted, redeem Baskets.

Grayscale Securities, LLC (“Grayscale Securities” or, in such capacity, an “Authorized Participant”), a registered broker-dealer and affiliate of the Sponsor, is the only Authorized Participant, and is party to a participant agreement with the Sponsor and the Trust.

Additional Authorized Participants may be added at any time, subject to the discretion of the Sponsor.

Liquidity Providers who are unaffiliated with the Trust may be engaged from time to time and at any time.

Service providers that facilitate the purchase of BCH in connection with the creation of Baskets (the “Liquidity Providers”) who are unaffiliated with the Trust may be engaged from time to time and at any time.

The custodian of the Trust is Coinbase Custody Trust Company, LLC (the “Custodian”), a third-party service provider.

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The responsibilities of the Transfer Agent are to maintain creations, redemptions, transfers, and distributions of the Trust’s Shares which are primarily held in book-entry form.

On July 20, 2020, the Trust received notice that its Shares were qualified for public trading on the OTCQX Best Market ® (“OTCQX”) of OTC Markets Group Inc.

The Trust’s trading symbol on OTCQX is “BCHG” and the CUSIP number for its Shares is 38963P109.

The Trust may also receive Incidental Rights and/or IR Virtual Currency as a result of the Trust’s investment in BCH, in accordance with the terms of the Trust Agreement.

Incidental Rights are rights to claim, or otherwise establish dominion and control over, any virtual currency or other asset or right, which rights are incident to the Trust’s ownership of BCH and arise without any action of the Trust, or of the Sponsor or Trustee on behalf of the Trust;

IR Virtual Currency is any virtual currency tokens, or other asset or right, received by the Trust through the exercise (subject to the applicable provisions of the Trust Agreement) of any Incidental Right.

The Trust’s Shares have traded on OTC Markets since August 18, 2020.

The Trust’s trading symbol on OTCQX is “BCHG” and the CUSIP number for its Shares is 38963P109.

Summary of Significant Accounting Policies

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The Trust uses fair value as its method of accounting for BCH in accordance with its classification as an investment company for accounting purposes.

The Trust is not a registered investment company under the Investment Company Act of 1940.

The Trust is not a registered investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”).

GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes.

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In determining which of the eligible Digital Asset Markets is the Trust’s principal market, the Trust reviews these criteria in the following order:

First, the Trust reviews a list of Digital Asset Markets that maintain practices and policies designed to comply with anti-money laundering (“AML”) and know-your-customer (“KYC”) regulations, and non-Digital Asset Trading Platform Markets that the Trust reasonably believes are operating in compliance with applicable law, including federal and state licensing requirements, based upon information and assurances provided to it by each market.

First, the Trust reviews a list of Digital Asset Markets that maintain practices and policies designed to comply with anti-money laundering and know-your-customer regulations, and non-Digital Asset Trading Platform Markets that the Trust reasonably believes are operating in compliance with applicable law, including federal and state licensing requirements, based upon information and assurances provided to it by each market.

Second, the Trust sorts these Digital Asset Markets from high to low by market-based volume and level of activity of BCH traded on each Digital Asset Market in the trailing twelve months.

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The Trust determines its principal market (or in the absence of a principal market the most advantageous market) annually and conducts a quarterly analysis to determine (i) if there have been recent changes to each Digital Asset Market’s trading volume and level of activity in the trailing twelve months, (ii) if any Digital Asset Markets have developed that the Trust has access to, or (iii) if recent changes to each Digital Asset Market’s price stability have occurred that would materially impact the selection of the principal market and necessitate a change in the Trust’s determination of its principal market.

The cost basis of the BCH received by the Trust in connection with a creation order is recorded by the Trust at the fair value of BCH at 4:00 p.m., New York time, on the creation date for financial reporting purposes.

The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of the corresponding Shares to investors.

Investment Transactions and Revenue Recognition

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At this time, the Trust is not accepting redemption requests from shareholders.

The Trust records its investment transactions on a trade date basis and changes in fair value are reflected as net change in unrealized appreciation or depreciation on investments.

The Trust records its investment transactions on a trade date basis and changes in fair value are reflected as net change in unrealized appreciation or

depreciation on investments.

Realized gains and losses are calculated using the specific identification method.

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Investment in BCH

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60):

Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”).

ASU 2023-08 is intended to improve the accounting for certain crypto assets by requiring an entity to measure those crypto assets at fair value each reporting period with changes in fair value recognized in net income.

The amendments also improve the information provided to investors about an entity’s crypto asset holdings by requiring disclosure about significant holdings, contractual sale restrictions, and changes during the reporting period.

ASU 2023-08 is effective for annual and interim reporting periods beginning after December 15, 2024.

Early adoption is permitted for both interim and annual financial statements that have not yet been issued.

The Trust adopted this new guidance on July 1, 2024, with no material impact on its financial statements and disclosures as the Trust historically used fair value as its method of accounting for BCH in accordance with its classification as an investment company for accounting purposes.

In this reporting period, the Trust adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures (“ASU 2023-07”).

Adoption of the new standard impacted financial statement disclosures only and did not affect the Trust’s financial position or the results of its operations.

Operating segments are defined as components of an enterprise that engage in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources and to assess performance.

The Chief Executive Officer and Chief Financial Officer of the Sponsor act as the Trust’s CODM.

Segment Reporting

The Chief Executive Officer and Chief Financial Officer of the Sponsor act as the Trust’s chief operating decision maker (“CODM”).

The Trust represents a single operating segment, as the CODM monitors the operating results of the Trust as a whole and the Trust’s passive investment objective is pre-determined in accordance with the terms of the Trust Agreement.

to assess the segment’s performance, are consistent with that presented within the Trust’s financial statements.

The financial information in the form of the Trust’s total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations and capital share transactions), which are used by the CODM to assess the segment’s performance, are consistent with that presented within the Trust’s financial statements.

Segment assets are reflected on the accompanying Statements of Assets and Liabilities as Total assets and the only significant segment expense, the Sponsor’s Fee, related party, is included in the accompanying Statements of Operations.

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BCH contributed

47,623.17430380

BCH distributed for Sponsor’s Fee, related party

( 7,759.50409018

Net change in unrealized appreciation on investment in BCH

Net change in unrealized appreciation/depreciation on investment in BCH

Net realized loss on investment in BCH

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( 9,480.69919269

Net change in unrealized appreciation on investment in BCH

Net change in unrealized appreciation/depreciation on investment in BCH

Net realized loss on investment in BCH

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BCH contributed

57,237.79382476

BCH distributed for Sponsor’s Fee, related party

( 9,685.89428777

Net change in unrealized appreciation on investment in BCH

Net realized loss on investment in BCH

Net change in unrealized appreciation/depreciation on investment in BCH

Net realized gain on investment in BCH

Balance at June 30, 2026

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Creations and Redemptions of Shares

At June 30, 2025 and 2024 , there were an unlimited number of Shares authorized by the Trust.

The Trust creates (and, should the Trust commence a redemption program, redeems) Shares from time to time, but only in one or more Baskets.

The creation and redemption of Baskets on behalf of investors are made by the Authorized Participant in exchange for the delivery of BCH to the Trust or the distribution of BCH by the Trust.

The Trust creates (and, should the Trust commence a redemption program, redeems) Shares from time to time, but only in one or more Baskets issued to the Authorized Participant in exchange for the delivery of BCH to the Trust or the distribution of BCH by the Trust.

The amount of BCH required for each Creation Basket or redemption Basket is determined by dividing (x) the amount of BCH owned by the Trust at 4:00 p.m., New York time, on such trade date of a creation or redemption order, after deducting the amount of BCH representing the U.S.

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The decrease in the amount of BCH represented by each Share is primarily a result of the periodic withdrawal of BCH to pay the Sponsor’s Fee.

The cost basis of investments in BCH recorded by the Trust is the fair value of BCH, as determined by the Trust, at 4:00 p.m., New York time, on the date of transfer to the Trust by the Authorized Participant, or Liquidity Provider, based on the Creation Baskets.

The cost basis recorded by the Trust may differ from proceeds collected by the Authorized Participant from the sale of each Share to investors.

The Authorized Participant, or Liquidity Provider may realize significant profits buying, selling, creating, and, if permitted, redeeming Shares as a result of changes in the value of Shares or BCH.

A “Creation Basket” is a Basket of Shares issued by the Trust upon deposits of the Basket Amount required for each such Creation Basket.

At this time, the Trust is not operating a redemption program and is not accepting redemption requests.

Subject to receipt of regulatory approval and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program.

The Trust currently has no intention of seeking regulatory approval to operate an ongoing redemption program.

The Sponsor takes the position that the Trust is properly treated as a grantor trust for U.S.

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federal income tax purposes.

However, due to the uncertain treatment of digital assets, including forks, airdrops and similar occurrences for U.S.

However, due to the uncertain treatment of digital assets, including forks, airdrops and similar events for U.S.

federal income tax purposes, there can be no assurance in this regard.

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GAAP, the Trust has defined the threshold for recognizing the benefits of tax positions in the financial statements as “more-likely-than-not” to be sustained by the applicable taxing authority and requires measurement of a tax position meeting the “more-likely-than-not” threshold, based on the largest benefit that is more than 50% likely to be realized.

Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current period.

Tax positions deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit in the current period.

As of, and during the years ended June 30, 2026, 2025 and 2024, the Trust did not have a liability for any unrecognized tax amounts.

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As of June 30, 2026 and 2025 , 340,021 and 593,178 , Shares of the Trust were held by related parties of the Trust, respectively.

Genesis Global Trading, Inc.

filed a certificate of dissolution in August 2024, and has therefore been removed from the list of related parties.

On October 22, 2025, GSO Intermediate Holdings Corporation (“GSOIH”), a Delaware corporation which was the sole managing member of GSO, consummated an internal corporate reorganization (the “Management Reorganization”), pursuant to which GSOIH transferred a portion of its common membership units of GSO for Class A shares of Grayscale Investments, Inc.

(“Grayscale Investments”), a Delaware corporation incorporated in connection with the Management Reorganization, and ceded its managing member rights in GSO to Grayscale Investments.

As a result of the Management Reorganization, Grayscale Investments is now the sole managing member of GSO, the sole member of the Sponsor.

On October 22, 2025, as a result of the Management Reorganization, DCG Grayscale Holdco, LLC (“DCG Holdco”), the sole stockholder of Grayscale Investments, elected a board of directors (the “Board”) at Grayscale Investments.

As a result of the Management Reorganization, the Board of Grayscale Investments was responsible for managing and directing the affairs of the Sponsor from October 22, 2025 to May 4, 2026 and consisted of Barry Silbert, Mark Shifke, Simon Koster, Peter Mintzberg and Edward McGee, mostly the same members as the board of directors of GSOIH prior to the Management Reorganization.

On May 4, 2026, a Board of Managers of Grayscale Investments Sponsors, LLC (the “Board of Managers”) was created to manage and direct the affairs of the Sponsor, under authority delegated by the Board.

Effective July 2, 2026, Kathryn Masci was appointed to serve as Interim Chief Financial Officer of the Sponsor.

From and after July 2, 2026, the Board of Managers consists of Peter Mintzberg, Kathryn Masci, and Craig Salm.

Mintzberg, Ms.

Masci, and Mr.

Salm are granted authority to manage the day-to-day affairs of the Sponsor under the amended and restated limited liability company agreement of the Sponsor.

From May 4, 2026 until July 2, 2026, the Board of Managers consisted of Peter Mintzberg, Edward McGee, and Craig Salm.

In accordance with the Trust Agreement governing the Trust, the Trust pays a fee to the Sponsor, calculated as 2.5 % of the aggregate value of the Trust’s assets, less its liabilities (which include any accrued but unpaid expenses up to, but excluding, the date of calculation), as calculated and published by the Sponsor or its delegates in the manner set forth in the Trust Agreement (the “Sponsor’s Fee”).

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ordinary course legal fees and expenses;

regulatory fees, including, if applicable, any fees relating to the registration of the Shares under the Securities Act or the Exchange Act;

regulatory fees, including, if applicable, any fees relating to the registration of the Shares under the Securities Act of 1933, as amended or the Securities Exchange Act of 1934, as amended;

printing and mailing costs;

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The Trust may incur certain extraordinary, non-recurring expenses that are not Sponsor-paid Expenses, including, but not limited to, taxes and governmental charges, expenses and costs of any extraordinary services performed by the Sponsor (or any other service provider) on behalf of the Trust to protect the Trust or the interests of shareholders (including in connection with any Incidental Rights and any IR Virtual Currency), any indemnification of the Custodian or other agents, service providers or counterparties of the Trust, the fees and expenses related to the listing, quotation or trading of the Shares on any secondary market (including legal, marketing and audit fees and expenses) to the extent exceeding $ 600,000 in any given fiscal year and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters (collectively “Additional Trust Expenses”).

In such circumstances, the Sponsor or its delegate (i) will instruct the Custodian to withdraw from the Digital Asset Account BCH, Incidental Rights and/or IR Virtual Currency in such quantity as may be necessary to permit payment of such Additional Trust Expenses and (ii) may either (x) cause the Trust (or its delegate) to convert such BCH, Incidental Rights and/or IR Virtual Currency into U.S.

dollars or other fiat currencies at the Actual Exchange Rate or (y) when the Sponsor incurs such expenses on behalf of the

Trust, cause the Trust (or its delegate) to deliver such BCH, Incidental Rights and/or IR Virtual Currency in kind to the Sponsor, in each case in such quantity as may be necessary to permit payment of such Additional Trust Expenses.

In such circumstances, the Sponsor or its delegate (i) will instruct the Custodian to withdraw from the Digital Asset Account (segregated custody accounts to store private keys, which allow for the transfer of ownership or control of the Trust’s BCH, on

the Trust’s behalf) BCH, Incidental Rights and/or IR Virtual Currency in such quantity as may be necessary to permit payment of such Additional Trust Expenses and (ii) may either (x) cause the Trust to convert such BCH, Incidental Rights and/or IR Virtual Currency into U.S.

dollars or other fiat currencies at the price per single unit of such asset, determined net of any associated fees, at which the Trust is able to sell such asset for U.S.

dollars (or other applicable fiat currency) at such time to enable the Trust to timely pay any Additional Trust Expenses, through use of the Sponsor’s commercially reasonable efforts to obtain the highest such price or (y) when the Sponsor incurs such expenses on behalf of the Trust, cause the Trust (or its delegate) to deliver such BCH, Incidental Rights and/or IR Virtual Currency in kind to the Sponsor, in each case in such quantity as may be necessary to permit payment of such Additional Trust Expenses.

For the years ended June 30, 2026, 2025 and 2024, the Trust incurred Sponsor’s Fees of $ 4,810,515 , $ 3,665,127 and $ 2,469,207 , respectively.

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For the years ended June 30, 2026, 2025 and 2024 , the Sponsor did no t pay any Additional Trust Expenses on behalf of the Trust.

On March 2, 2022, the board of the Sponsor (the “Board”) approved the purchase by DCG, the indirect parent company of the Sponsor, of up to an aggregate total of $ 200 million worth of Shares of the Trust and shares of any of the following five investment products the Sponsor also acts as the sponsor and manager of, including Grayscale Bitcoin Trust ETF (NYSE Arca:

GBTC), Grayscale Digital Large Cap Fund LLC (OTCQX:

GDLC), Grayscale Ethereum Trust ETF (NYSE Arca:

ETHE), Grayscale Ethereum Classic Trust (ETC) (OTCQX:

ETCG), and Grayscale Stellar Lumens Trust (XLM) (OTCQX:

On March 2, 2022, the Board approved the purchase by DCG, the indirect parent company of the Sponsor, of up to $ 200 million worth of Shares of the Trust and shares of any of the following five investment products the Sponsor also acts as the sponsor and manager of, including Grayscale Bitcoin Trust ETF (NYSE Arca:

GBTC), Grayscale Ethereum Classic Trust (ETC) (OTCQX:

ETCG), Grayscale CoinDesk Crypto 5 ETF (NYSE Arca:

GDLC), Grayscale Ethereum Staking ETF (NYSE Arca:

ETHE), and Grayscale Stellar Lumens Trust (XLM) (OTCQX:

Subsequently, DCG authorized such purchase.

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From March 2, 2022 through June 30, 2026 , DCG had not purchased any Shares of the Trust under this authorization.

Risks and Uncertainties

The Trust is subject to various risks including market risk, liquidity risk, and other risks related to its concentration in a single asset, BCH.

Investing in BCH is currently highly speculative and volatile.

The Principal Market NAV of the Trust, calculated by reference to the principal market price in accordance with U.S.

GAAP, relates primarily to the value of the BCH held by the Trust, and fluctuations in the price of BCH could materially and adversely affect an investment in the Shares of the Trust.

The price of BCH has a limited history.

During such history, BCH prices have been volatile and subject to influence by many factors, including the levels of liquidity.

If Digital Asset Markets continue to experience significant price fluctuations, the Trust may experience losses.

Several factors may affect the price of BCH, including, but not limited to, global BCH supply and demand, theft of BCH from global trading platforms or vaults, competition from other forms of digital currency or payment services, global or regional political, economic or financial conditions, and other unforeseen events and situations.

The BCH held by the Trust are commingled and the Trust’s shareholders have no specific rights to any specific BCH.

In the event of the insolvency of the Trust, its assets may be inadequate to satisfy a claim by its shareholders.

There is currently no clearing house for BCH, nor is there a central or major depository for the custody of BCH.

There is a risk that some or all of the Trust’s BCH could be lost or stolen.

There can be no assurance that the Custodian will maintain adequate insurance or that such coverage will cover losses with respect to the Trust’s BCH.

Further, transactions in BCH are irrevocable.

Stolen or incorrectly transferred BCH may be irretrievable.

As a result, any incorrectly executed BCH transactions could adversely affect an investment in the Shares.

The Securities and Exchange Commission (the “SEC”), at least under the prior administration, has stated that certain digital assets may be considered “securities” under the federal securities laws.

The test for determining whether a particular digital asset is a “security” is complex and difficult to apply, and the outcome is difficult to predict.

A number of SEC and SEC staff actions with respect to a variety of digital assets demonstrate this difficulty.

For example, public though non-binding, statements by senior officials at the SEC have indicated that the SEC did not consider Bitcoin or Ether to be securities, and does not currently consider Bitcoin to be a security.

In addition, the SEC appears to have implicitly taken the view that Ether is not a security (i) by not objecting to Ether futures trading on Commodity Futures Trading Commission-regulated markets under rules designed for futures on non-security commodity underliers and (ii) by approving the listing and trading of exchange-traded products (“ETPs”) that invest in Ether (i.e., approving the redemption of shares of such ETPs) under the rules for commodity-based trust shares, without requiring these ETPs to be registered as investment companies.

Likewise, in various courts filings and arguments the SEC has distinguished Ether from assets that it claimed were securities, and in judicial opinions, courts have accepted or even assumed that Ether is not a security.

Moreover, in a recent settlement with another market participant relating to allegations that it acted as an unregistered broker-dealer for facilitating trading in certain digital assets, the SEC highlighted that the firm would cease trading in all digital assets other than Bitcoin, Bitcoin Cash and Ether—activity that, if the SEC believed Ether was presently a security—would continue to constitute unregistered brokerage activity.

The SEC staff has also provided informal assurances via no-action letter to a handful of promoters that their digital assets are not securities.

Moreover, the SEC’s Division of Corporation Finance has published statements that it does not consider, under certain circumstances, “meme coins” or some stablecoins to be securities.

However, such statements may be withdrawn at any time without notice and comment by the Division of Corporation Finance at the SEC or the SEC itself.

In addition, the SEC has brought enforcement actions against the issuers and promoters of several other digital assets on the basis that the digital assets in question are securities and has not formally or explicitly confirmed that it does not deem Ether to be a security.

These developments demonstrate the difficulty in applying the federal securities laws to digital assets generally.

In January 2025, the SEC launched a crypto task force dedicated to developing a comprehensive and clear regulatory framework for digital assets led by Commissioner Hester Peirce.

Subsequently, Commissioner Peirce announced a list of specific priorities to further that initiative, which included pursuing final rules related to a digital asset’s security status, a revised path

to registered offerings and listings for digital assets-based investment vehicles, and clarity regarding digital asset custody, lending, and staking.

However, the efforts of the crypto task force have only just begun, and how or whether the SEC regulates digital asset activity in the future remains to be seen.

If BCH is determined to be a “security” under federal or state securities laws by the SEC or any other agency, or in a proceeding in a court of law or otherwise, it may have material adverse consequences for BCH.

For example, it may become more difficult for BCH to be traded, cleared and custodied as compared to other digital assets that are not considered to be securities, which could, in turn, negatively affect the liquidity and general acceptance of BCH and cause users to migrate to other digital assets.

As such, any determination that BCH is a security under federal or state securities laws may adversely affect the value of BCH and, as a result, an investment in the Shares.

In addition, if BCH is in fact a security, the Trust could be considered an unregistered “investment company” under the Investment Company Act of 1940, which could necessitate the Trust’s liquidation.

In this case, the Trust and the Sponsor may be deemed to have participated in an illegal offering of securities and there is no guarantee that the Sponsor will be able to register the Trust under the Investment Company Act of 1940 at such time or take such other actions as may be necessary to ensure the Trust’s activities comply with applicable law, which could force the Sponsor to liquidate the Trust.

To the extent a private key, held by the Custodian, required to access a BCH address is lost, destroyed or otherwise compromised and no backup of the private keys are accessible, the Trust may be unable to access the BCH controlled by the private key and the private key will not be capable of being restored by the Bitcoin Cash Network.

The processes by which BCH transactions are settled are dependent on the BCH peer-to-peer network, and as such, the Trust is subject to operational risk.

A risk also exists with respect to previously unknown technical vulnerabilities, which may adversely affect the value of BCH.

The Trust relies on third-party service providers to perform certain functions essential to its operations.

Any disruptions to the Trust’s service providers’ business operations resulting from business failures, financial instability, security failures, government mandated regulation or operational problems could have an adverse impact on the Trust’s ability to access critical services and be disruptive to the operations of the Trust.

The Sponsor and the Trust may be subject to various litigation, regulatory investigations, and other legal proceedings that arise in the ordinary course of its business.

Concentration Risk

The Trust’s investment portfolio is concentrated in BCH, and its net asset value and results of operations are directly affected by the price of BCH, which has historically been highly volatile.

As a result, the Trust may experience significant fluctuations in net asset value, including periods of substantial losses.

This concentration also exposes the Trust to risks specific to BCH and its supporting infrastructure, including market liquidity constraints and operational or cybersecurity risks associated with the custody and transfer of BCH.

Quarterly Statements of Operations

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Net investment loss

Net realized and unrealized (loss) gain from:

Net realized (loss) gain on investment in BCH

Net change in unrealized (depreciation) appreciation on investment in BCH

Net realized and unrealized (loss) gain on investment

Net (decrease) increase in net assets resulting from operations

Net realized and unrealized gain (loss) from:

Net realized gain (loss) on investment in BCH

Net change in unrealized appreciation/depreciation on investment in BCH

Net realized and unrealized gain (loss) on investment

Net increase (decrease) in net assets resulting from operations

Fiscal Year Ended June 30, 2025

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Net realized (loss) gain on investment in BCH

Net change in unrealized (depreciation) appreciation on investment in BCH

Net change in unrealized appreciation/depreciation on investment in BCH

Net realized and unrealized (loss) gain on investment

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Principal Market NAV, beginning of year

Net increase in net assets from investment operations:

Net (decrease) increase in net assets from investment operations:

Net investment loss

Net realized and unrealized gain

Net increase in net assets resulting from operations

Net realized and unrealized (loss) gain

Net (decrease) increase in net assets resulting from operations

Principal Market NAV, end of year

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Subsequent Events

As of the close of business on September 2, 2025 , the fair value of BCH determined in accordance with the Trust’s accounting policy was $ 582.44 per BCH.

There are no known events that have occurred that require disclosure other than that which has already been disclosed in these notes to the financial statements.

The Sponsor has evaluated all subsequent events through the issuance of the financial statements and has noted no other events requiring adjustment or additional disclosure in the financial statements.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 7A. Quantitative and Qualitative Disclosures About Market Risk