BCHG 最新10-K变化

相对上期新增的文字 · 来源:10-K · 2026-09-03

• Grayscale Bitcoin Cash Trust (BCH) (the “Trust”) is a Delaware Statutory Trust that was formed on January 26, 2018. The Trust’s purpose is to hold Bitcoin Cash (“BCH”), which is a digital asset that is created and transmitted through the operations of the peer-to-peer Bitcoin Cash Network (the “Bitc…

• The Trust issues common units of fractional undivided beneficial interest (“Shares”), which represent ownership in the Trust, on a periodic basis to certain “accredited investors” within the meaning of Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) in…

• Grayscale Investments Sponsors, LLC (“GSIS” or the “Sponsor”), a consolidated subsidiary of Digital Currency Group, Inc. (“DCG”), is the sponsor of the Trust. CSC Delaware Trust Company is the trustee of the Trust (the “Trustee”), Continental Stock Transfer & Trust Company is the transfer agent of t…

• In September 2025, the Trust filed a registration statement on Form S-3 under the Securities Act of 1933, relating to a proposed public offering of the Trust’s shares and related listing on NYSE Arca, Inc. As of the date of this filing, the Form S-3 has not been declared effective and the Trust’s sh…

• The Trust issues Shares only in one or more blocks of 100 Shares (a block of 100 Shares is called a “Basket”) to certain authorized participants (“Authorized Participants”) from time to time. Baskets are offered in exchange for BCH. As of June 30, 2026, each Share represented approximately 0.0081 BC…

相对上期删除的文字 · 来源:10-K · 2025-09-05

• Grayscale Bitcoin Cash Trust (BCH) (formerly known as Bitcoin Cash Investment Trust) (the “Trust”) is a Delaware Statutory Trust that was formed on January 26, 2018 by the filing of the Certificate of Trust with the Delaware Secretary of State in accordance with the provisions of the Delaware Statut…

• The Trust’s purpose is to hold Bitcoin Cash (“BCH”). Bitcoin Cash, an alternative software implementation of Bitcoin, was created in 2017 by a group of Bitcoin miners resulting in a hard fork of Bitcoin. Although Bitcoin Cash is very similar to Bitcoin, there are several key differences between the …

• As of June 30, 2025, the Trust holds approximately 2.0% of the BCH in circulation. The size of the Trust’s position does not itself enable the Sponsor or the Trust to participate in or otherwise influence the development of the Bitcoin Cash Network. As a decentralized digital asset network, the Bitc…

• On January 11, 2019, the Trust changed its name from Bitcoin Cash Investment Trust to Grayscale Bitcoin Cash Trust (BCH) by filing a Certificate of Amendment to the Certificate of Trust with the Delaware Secretary of State. The Trust issues common units of fractional undivided beneficial interest (“…

• Until December 31, 2024, Grayscale Investments, LLC was the sponsor and administrator of the Trust. As a result of the Reorganization (as defined herein) on January 1, 2025, Grayscale Investments Sponsors, LLC (“GSIS”) and Grayscale Operating, LLC (“GSO”), indirect wholly owned subsidiaries of Digit…

相对上期新增的文字 · 来源:10-K · 2026-09-03

• The risk factors below should be read in conjunction with the other information included in this Annual Report on Form 10-K, including the Trust’s financial statements and related notes thereto, and our other filings with the SEC.

• The trading prices of many digital assets, including BCH, have experienced extreme volatility and may continue to do so. Extreme volatility in the future, including declines in the trading prices of BCH, could have a material adverse effect on the value of the Shares and the Shares could lose all or…

• The trading prices of many digital assets, including BCH, have experienced extreme volatility throughout their existence and may continue to do so. Negative perceptions, instability and the absence of standardized regulation in the digital asset economy may reduce confidence in digital assets and re…

• Digital assets such as BCH have a limited history and the value of the Shares is subject to a number of factors relating to the capabilities and development of blockchain technologies, including the dependence of digital asset networks on the internet and other technologies, the role of users, devel…

• The value of the Shares is directly related to the value of BCH held by the Trust, and the price of BCH has fluctuated significantly. The following factors may affect the price of BCH and the value of the Shares:

相对上期删除的文字 · 来源:10-K · 2025-09-05

• Below is a summary of the principal factors that make an investment in the Shares speculative or risky. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be found below and should …

• Extreme volatility of trading prices that many digital assets, including BCH, have experienced in recent periods and may continue to experience, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value;

• The medium-to-long term value of the Shares is subject to a number of factors relating to the capabilities and development of blockchain technologies and to the fundamental investment characteristics of digital assets;

• The value of the Shares is dependent on the acceptance of digital assets, such as BCH, which represent a new and rapidly evolving industry;

• Digital assets may have concentrated ownership and large sales or distributions by holders of such digital assets could have an adverse effect on the market price of such digital assets;

相对上期新增的文字 · 来源:10-K · 2026-09-03

• On May 19, 2025, Genesis Global Capital, LLC (“Genesis Capital”) and Genesis Asia Pacific Pte. Ltd. (“Genesis Asia”) filed a complaint in the United States Bankruptcy Court for the Southern District of New York (“SDNY Bankruptcy Court”) against Digital Currency Group, Inc. (“DCG”) and certain of its…

相对上期删除的文字 · 来源:10-K · 2025-09-05

• On January 30, 2023, Osprey Funds, LLC (“Osprey”) filed a suit in Connecticut Superior Court against the Sponsor alleging that statements the Sponsor made in its advertising and promotion of Grayscale Bitcoin Trust ETF violated the Connecticut Unfair Trade Practices Act (“CUTPA”), and seeking statut…

• On May 19, 2025, Genesis Global Capital, LLC (“Genesis Capital”) and Genesis Asia Pacific Pte. Ltd. (“Genesis Asia”) filed a complaint in the United States Bankruptcy Court for the Southern District of New York (“SDNY Bankruptcy Court”) against Digital Currency Group, Inc. (“DCG”) and certain of its…

相对上期新增的文字 · 来源:10-K · 2026-09-03

• Prior to October 1, 2025, the Trust valued the BCH held by the Trust for operational purposes by reference to the CoinDesk Bitcoin Cash Price Index (BCX). As of October 1, 2025, the Index is the CoinDesk Bitcoin Cash Benchmark Rate which is used to calculate the NAV and NAV per Share. Prior to Octob…

• The Trust considers investment transactions to be the receipt of BCH by the Trust in connection with Share creations and the delivery of BCH by the Trust in connection with Share redemptions or for payment of expenses in BCH. At this time, the Trust is not accepting redemption requests from sharehol…

• To determine which market is the Trust’s principal market (or in the absence of a principal market, the most advantageous market) for purposes of calculating the Trust’s Principal Market NAV, the Trust follows FASB ASC Topic 820-10, Fair Value Measurement, which outlines the application of fair valu…

• The Trust only receives BCH in connection with a creation order from the Authorized Participant (or a Liquidity Provider) and does not itself transact on any Digital Asset Markets. Therefore, the Trust looks to market-based volume and level of activity for Digital Asset Markets. The Authorized Parti…

• Net (decrease) increase in net assets resulting from operations

相对上期删除的文字 · 来源:10-K · 2025-09-05

• The Trust is not managed like a business corporation or an active investment vehicle.

• Includes the total number of Shares that are not restricted securities as such term is defined under Rule 144.

• Includes Cede & Co. as nominee for DTC for the Shares traded on OTCQX but not its direct participants. Therefore, this number does not include the individual holders who have bought/sold Shares on OTCQX or transferred their eligible Shares to their brokerage accounts.

• The Trust considers investment transactions to be the receipt of BCH for Share creations and the delivery of BCH for Share redemptions or for payment of expenses in BCH. At this time, the Trust is not accepting redemption requests from shareholders. The Trust records its investment transactions on a…

• To determine which market is the Trust’s principal market (or in the absence of a principal market, the most advantageous market) for purposes of calculating the Trust’s net asset value in accordance with U.S. GAAP (“Principal Market NAV”), the Trust follows Financial Accounting Standards Board (“FA…