Grayscale Ethereum Classic Trust (ETCG) is a passive investment vehicle that holds Ethereum Classic (ETC), giving investors exposure to ETC price movements through a traditional securities wrapper without requiring them to buy or store the underlying asset directly. Each Share represents fractional ownership of the Trust's ETC holdings — as of December 31, 2025, approximately 0.7850 ETC per Share — and the Trust holds roughly 7% of all ETC in circulation. ETC is the native asset of the Ethereum Classic Network, a proof-of-work blockchain that originated from a 2016 hard fork of Ethereum. Unlike Ethereum, which switched to proof-of-stake in 2022, ETC retains a deflationary, Bitcoin-like monetary policy with a capped supply of approximately 210M ETC. The Trust sells Shares to accredited investors via private placements through Authorized Participants, after which Shares can be sold on the OTCQX marketplace under ticker "ETCG." The Trust does not operate a redemption program, meaning Shares cannot be exchanged back for ETC — this eliminates the arbitrage mechanism that typically keeps fund prices aligned with underlying asset values, and Shares have historically traded at wide premiums or discounts to NAV. The Trust charges a Sponsor's fee of 2.5% of NAV per year, accrued daily and paid in ETC, which is its only recurring expense. The Sponsor, Grayscale Investments Sponsors (a subsidiary of Digital Currency Group), collects this fee and covers all ordinary operating costs. Revenue to the Sponsor scales directly with the Trust's AUM and the price of ETC.