LTCNOTCCommodity Contracts Brokers & DealersUS GAAP · USD

Grayscale Litecoin Trust (LTC)

Grayscale Litecoin Trust (LTC) is a Delaware statutory trust that holds Litecoin (LTC) and issues shares intended to track the value of the LTC it owns, less expenses and liabilities. It gives accredited investors a securities-market wrapper around direct LTC exposure, with shares quoted on OTCQX under the ticker LTCN.

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Net income-93.6m USD
−582.0 %y/y

Fiscal year 2026 · change from previous year

Development 2024–2026

01m USD202420252026
RevenueOperating profit (EBIT)
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Business

Share of revenue
Trust shares100 %

Common units of fractional beneficial interest representing indirect ownership of LTC held by the Trust.

Creation baskets0 %

Blocks of shares issued to authorized participants in exchange for LTC deposits.

Custody and administration0 %

Operational custody, transfer, and administrative services supporting the Trust's LTC holdings.

Customers

The Trust's direct investors are accredited investors and market participants who want LTC exposure without holding the token directly. Secondary-market buyers and sellers trade the shares on OTCQX, while authorized participants interact with the creation process by delivering LTC to the Trust. The Trust itself is passive, so customer demand is driven by investment appetite for Litecoin rather than by operating usage of the network.

Accredited investors

Buy LTCN shares to gain regulated, brokerage-account exposure to Litecoin without directly managing wallets or private keys.

Secondary market traders

Trade shares on OTCQX to express views on Litecoin price, NAV discounts/premiums, and liquidity conditions.

Authorized participants

Create shares by delivering LTC to the Trust and may arbitrage pricing differences versus underlying LTC value.

Institutional allocators

Use the trust structure as a portfolio vehicle for digital asset exposure where direct token custody is operationally difficult.

Strategy

The Trust's strategy is to hold LTC passively and issue shares that track the value of LTC per share, less expenses and liabilities. It relies on the OTCQX listing, creation mechanism, and third-party custody to provide convenient market access, while avoiding leverage, derivatives, or active trading. The main strategic challenge is maintaining tracking quality and investor demand despite persistent premiums and discounts to NAV.

Preserve passive LTC trackingShort term

The Trust exists to mirror LTC value per share, so tracking quality is central to investor appeal.

Support share liquidity and market accessShort term

OTCQX trading and the creation process are the main channels through which investors access the product.

Maintain custody and operational resilienceMedium term

Secure storage and third-party service continuity are essential to protecting the underlying LTC.

Geography

The Trust is organized in Delaware and is managed from the United States, with shares quoted on OTCQX in the U.S. Its economic exposure is global because LTC trades on digital asset platforms worldwide, but the filing does not disclose country-level revenue because the Trust does not operate a conventional sales business. Operationally, custody and market pricing depend on U.S.-based service providers and global crypto trading venues.

Risks

The Trust's value is tied almost entirely to Litecoin price performance, so any decline in LTC demand, network adoption, or market confidence directly affects shares. It also faces structural risks from trading discounts/premiums, custody and cyber-security exposure, and regulatory or exchange actions that could limit access to LTC markets. Because the Trust is passive and does not hedge, it has little ability to offset these risks.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Cybersecurity and cryptography failure1Regulatory and exchange access risk4Litecoin price volatility2Premium/discount to NAV3Competition from other digital assets5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Cybersecurity and cryptography failureImpact: CriticalLikelihood: Medium

    A compromise in the Litecoin network or related cryptography could enable theft or reduce confidence in LTC.

    Exposure: Digital asset custody and network integrity

  2. Litecoin price volatilityImpact: HighLikelihood: High

    The Trust's shares are designed to reflect LTC value, so token price moves flow directly into NAV and market price.

    Exposure: Underlying asset valuation

  3. Premium/discount to NAVImpact: HighLikelihood: High

    Shares may trade above or below the value of LTC held by the Trust, creating tracking error for investors.

    Exposure: Secondary market pricing

  4. Regulatory and exchange access riskImpact: HighLikelihood: Medium

    AML, sanctions, or listing concerns could lead trading platforms or service providers to restrict LTC.

    Exposure: Trading venues and service providers

  5. Competition from other digital assetsImpact: MediumLikelihood: Medium

    Alternative tokens and blockchain platforms may attract capital and reduce demand for LTC.

    Exposure: Market share within digital assets

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Accounting

Judgemental items
Fair value measurement of LTC

The Trust marks holdings to market, so valuation changes directly affect net income and net assets.

Impact: Large unrealized gains or losses can dominate quarterly results

Principal market determination

NAV is based on the market the Trust considers principal or most advantageous, which affects reported fair value.

Impact: Can change the reference price used for NAV per share

Trade-date accounting for creations

LTC received for share creations is recognized when the creation notice is received and completed on receipt.

Impact: Affects timing of assets, shares outstanding, and per-share metrics

Sponsor fee settlement in LTC

Fees paid in LTC create realized gains or losses and reduce holdings.

Impact: Impacts realized results and asset balance

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Last updated: 24/09/2026

Grayscale Litecoin Trust (LTC) (OTC) – Commodity Contracts Brokers & Dealers | Financial Analysis – Clarifo