Grayscale Bitcoin Cash Trust (BCHG) is a Delaware Statutory Trust that holds Bitcoin Cash (BCH) on behalf of investors. The Trust's sole purpose is to own BCH, with each Share representing a fractional interest in the BCH held by the Trust. BCHG is designed for accredited and institutional investors who want BCH exposure without the complexity of directly buying, storing, and securing the asset. Coinbase Custody holds BCH in offline cold storage, and investors simply buy Shares on the OTCQX marketplace. Shares are initially sold via private placement to accredited investors, with a minimum six-month holding period before resale on OTCQX. The Trust is sponsored by Grayscale Investments Sponsors, an indirect subsidiary of Digital Currency Group. The Sponsor charges an annual fee of 2.5% of NAV, paid in BCH, which is the Trust's only recurring expense and is borne by shareholders through a gradual reduction in BCH per Share over time. Shareholder returns are essentially BCH price performance minus this fee drag. A key structural feature is that the Trust has no redemption program — Shares can be created but not redeemed for BCH — which eliminates any arbitrage mechanism to keep Share price aligned with NAV. As a result, BCHG Shares have historically traded at wide premiums and discounts to NAV, ranging from a premium of over 1,800% to a discount of 59% since August 2020.