Grayscale Bitcoin Cash Trust is a passive investment vehicle designed to provide investors with price exposure to Bitcoin Cash through traditional brokerage accounts without requiring direct digital asset custody. The Trust holds Bitcoin Cash and does not trade, hedge, or actively manage its holdings. Grayscale issues shares through private placements to accredited investors in exchange for Bitcoin Cash deposits via authorized participants. Following a statutory holding period, shares trade publicly on the OTCQX market under the ticker BCHG. Coinbase Custody holds the underlying Bitcoin Cash in segregated cold storage. The sponsor earns revenue through an ongoing fee based on net asset value, which is paid directly out of the Trust's Bitcoin Cash holdings, gradually reducing the amount of cryptocurrency backing each share over time. In exchange, the sponsor covers ordinary operating expenses, including custody, transfer agent, trustee, and audit costs. The Trust does not maintain a redemption program, meaning investors cannot redeem shares directly for Bitcoin Cash.