Grayscale Ethereum Classic Trust (ETC) filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC on November 10, 2026, reporting a net decrease in net assets of $31.1 million for the nine months ended September 30, 2026.

Key Highlights

  • Net assets: Total net assets stood at $94,946 thousand as of September 30, 2026, down from $126,004 thousand at December 31, 2025.
  • NAV per Share: Principal Market NAV per Share was $6.78 at September 30, 2026, compared to $9.00 at December 31, 2025.
  • ETC holdings: The Trust held 10,782,004.47041505 ETC at fair value of $94,946 thousand, against a cost of $81,418 thousand, as of September 30, 2026.
  • Nine-month net loss: The Trust recorded a net decrease in net assets from operations of $31,058 thousand for the nine months ended September 30, 2026.
  • Q3 net gain: For the three months ended September 30, 2026, the Trust reported a net increase in net assets from operations of $19,646 thousand.
  • Sponsor's Fee: The Sponsor's Fee expense was $1,714 thousand for the nine months ended September 30, 2026, and $498 thousand for the three months ended September 30, 2026.
  • Shares outstanding: 13,993,800 shares remained outstanding as of November 6, 2026, unchanged throughout the nine-month period.

Grayscale Ethereum Classic Trust Reports Net Asset Decline Through September 2026

According to the filing, Grayscale Ethereum Classic Trust (ETC), trading under the symbol ETCG (registered pursuant to Section 12(g), with no exchange listed), held 10,782,004.47041505 ETC at September 30, 2026, with a fair value of $94,946 thousand against a cost basis of $81,418 thousand. This compares to 10,985,516.92607291 ETC held at December 31, 2025, at a fair value of $126,004 thousand and a cost of $82,955 thousand. The decline in ETC quantity reflects the Trust's practice of selling ETC to cover the Sponsor's Fee, as no shares were redeemed or issued during the period.

The Trust reported a net investment loss of $1,714 thousand for the nine months ended September 30, 2026, attributable entirely to the Sponsor's Fee. Net realized gain from ETC sold to pay expenses was $177 thousand over the same nine-month period, while net change in unrealized appreciation/depreciation was a loss of $29,521 thousand, the filing disclosed. For the third quarter alone, the Trust posted a net increase in net assets of $19,646 thousand, driven by a $20,161 thousand improvement in unrealized appreciation.

The filing states that the Trust does not currently operate a redemption program and has "no intention of seeking regulatory approval to operate an ongoing redemption program." Shares are issued only in blocks of 100 (each called a "Basket") to Authorized Participants in exchange for ETC. Grayscale Investments Sponsors, LLC has served as the sole sponsor since May 3, 2025, following a co-sponsorship arrangement that began January 1, 2025. Coinbase Custody Trust Company, LLC serves as custodian, and Continental Stock Transfer and Trust Company acts as transfer agent, according to the filing.

What Was Disclosed

The Trust filed its quarterly report covering the period ended September 30, 2026, disclosing a decline in net assets from $126,004 thousand to $94,946 thousand year-to-date, with NAV per Share falling from $9.00 to $6.78, while shares outstanding held steady at 13,993,800.