Grayscale Bitcoin Cash Trust (BCH)

Grayscale Bitcoin Cash Trust (BCH) is a Delaware statutory trust that holds BCH and issues shares representing fractional beneficial interests in that BCH. Its shares trade on OTCQX under the ticker BCHG, giving accredited investors and secondary-market buyers a regulated vehicle for gaining exposure to Bitcoin Cash without directly holding the token.

— Grayscale Bitcoin Cash Trust (BCH)
%
Investment trust shares100% Shares representing fractional undivided beneficial interest in BCH held by the Trust.
Custody and asset administration0% Safekeeping of BCH and operational administration of the Trust's holdings.

The Trust serves accredited investors who want exposure to Bitcoin Cash through a security rather than direct token...

  • Accredited investorsprimary

    Buy newly created shares in exchange for BCH to gain direct exposure through a regulated trust structure.

  • Secondary market investorsprimary

    Buy and sell BCHG on OTCQX for trading exposure, liquidity, and arbitrage versus NAV.

  • Crypto speculatorssecondary

    Trade the shares based on BCH price expectations, volatility, and market sentiment.

The Trust is organized in Delaware and operates as a U.S.-based investment vehicle, with shares quoted on OTCQX in the...

  • •Delaware statutory trust organized in the United States
  • •Shares quoted on OTCQX in the U.S. market
  • •BCH pricing is global and set on digital asset trading platforms
  • •Custody and administration are tied to U.S.-regulated service providers
  • •No country-level revenue disclosure in the filing

The Trust's core strategy is passive exposure: hold BCH, issue shares against BCH deposits, and track BCH value less...

01
Preserve tight tracking to BCH valueshort-term

The investment case depends on shares reflecting BCH per share after fees and liabilities.

02
Maintain efficient trust operationsshort-term

Low operating complexity helps minimize drag on NAV and keeps the product simple for investors.

03
Rely on market acceptance of BCHmedium-term

Longer-term demand depends on BCH adoption, liquidity, and continued trading venue support.

The Trust is exposed almost entirely to BCH price volatility, because its value is derived from a single digital asset...

critical

BCH price volatility

The Trust holds a single volatile digital asset, so share value moves with BCH market price.

Scope
NAV and secondary-market share price
Materiality
high
high

Discount/premium to NAV

OTCQX trading hours, liquidity, and market frictions can cause shares to diverge from underlying BCH value.

Scope
Secondary market pricing
Materiality
high
high

Regulatory and banking access

Banks, custodians, and trading platforms may restrict BCH-related activity due to compliance concerns.

Scope
Custody, trading, and settlement
Materiality
high
high

BCH adoption risk

If BCH is not widely accepted for payments or investment, demand for the Trust may remain limited.

Scope
Underlying asset demand
Materiality
high
Fair value measurement of BCH
Can materially change quarterly reported results
Realized gains/losses on BCH transfers
Creates realized P&L unrelated to operating performance
Share creation accounting
Affects BCH per share and NAV tracking

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: 28/04/2026