Grayscale Bitcoin Cash Trust Financials

BCHG

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE June

This page shows Grayscale Bitcoin Cash Trust (BCHG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI BCHG FY2025 2026-05-05

Earnings here follow balance-sheet value changes more than sales, because the trust stays unlevered and reports no operating revenue.

Because liabilities stayed at $0 from FY2021 through FY2025, ROA and ROE moved identically; the swing from -433.7% in FY2022 to 22.2% in FY2025 therefore hit shareholder value directly, without debt either amplifying or cushioning it. With no reported revenue or operating cash flow, reported profit reads more like the annual remeasurement of the trust's asset base than the output of an operating business.

Total assets fell from $155.5M in FY2021 to $31.2M in FY2022, showing that scale can shrink quickly when portfolio values move. Their recovery to $203.0M by FY2025 happened with no balance-sheet leverage, so the rebuild came from asset appreciation rather than borrowed capital or retained operating cash.

FY2025 net income improved to $45.0M from $20.3M in FY2024, but that does not restore the earlier rebound profile. Return on assets reached 22.2% in FY2025 versus 66.1% in FY2023, meaning the asset base is larger while earnings intensity per dollar of assets is still lower.

Financial Health Signals

Financial Profile 29/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Grayscale Bitcoin Cash Trust's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

Grayscale Bitcoin Cash Trust carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Returns

Grayscale Bitcoin Cash Trust earns a strong 22.1% return on equity (ROE), meaning it generates $22 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 75/100. This is up from 15.0% the prior year.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$45.0M

YoY+121.7%

Grayscale Bitcoin Cash Trust reported $45.0M in net income in fiscal year 2025. This represents an increase of 121.7% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

N/A

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

22.1%

YoY+7.1pp

Grayscale Bitcoin Cash Trust's ROE was 22.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 7.1 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

BCHG Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A
Net Income	$45.0M+121.7%	$20.3M-66.6%	$60.8M+144.9%	-$135.4M-335.9%	$57.4M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$50.8M-467.3%	$13.8M-8.0%	$15.0M	N/A	-$53.3M-258.7%	$33.6M+277.8%	-$18.9M	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BCHG Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$203.0M+50.3%	$135.0M+46.7%	$92.0M+194.8%	$31.2M-79.9%	$155.5M
Current Assets	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	N/A	N/A	N/A	N/A	N/A
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$0	$0	$0	$0	$0
Current Liabilities	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
Total Equity	$203.0M+50.3%	$135.0M+46.7%	$92.0M+194.8%	$31.2M-79.9%	$155.5M
Retained Earnings	N/A	N/A	N/A	N/A	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$181.0M-21.9%	$231.8M+6.3%	$218.0M+7.4%	$203.0M+71.8%	$118.1M-30.4%	$169.8M+36.1%	$124.7M-7.6%	$135.0M
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$0	$0	$0	$0	$0	$0	$0	$0
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$181.0M-21.9%	$231.8M+6.3%	$218.0M+7.4%	$203.0M+71.8%	$118.1M-30.4%	$169.8M+36.1%	$124.7M-7.6%	$135.0M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BCHG Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A
Return on Equity	22.1%+7.1pp	15.0%-51.1pp	66.1%+499.8pp	-433.7%-470.6pp	36.9%
Return on Assets	22.1%+7.1pp	15.0%-51.1pp	66.1%+499.8pp	-433.7%-470.6pp	36.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.000.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-28.1%-34.0pp	6.0%-0.9pp	6.9%	N/A	-45.1%-64.9pp	19.8%+34.9pp	-15.1%	N/A
Return on Assets	-28.1%-34.0pp	6.0%-0.9pp	6.9%	N/A	-45.1%-64.9pp	19.8%+34.9pp	-15.1%	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.000.0	0.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

Is Grayscale Bitcoin Cash Trust profitable?

Yes, Grayscale Bitcoin Cash Trust (BCHG) reported a net income of $45.0M in fiscal year 2025.

What is Grayscale Bitcoin Cash Trust's return on equity (ROE)?

Grayscale Bitcoin Cash Trust (BCHG) has a return on equity of 22.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What are Grayscale Bitcoin Cash Trust's total assets?

Grayscale Bitcoin Cash Trust (BCHG) had $203.0M in total assets as of fiscal year 2025, including both current and long-term assets.

What is Grayscale Bitcoin Cash Trust's debt-to-equity ratio?

Grayscale Bitcoin Cash Trust (BCHG) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Grayscale Bitcoin Cash Trust's return on assets (ROA)?

Grayscale Bitcoin Cash Trust (BCHG) had a return on assets of 22.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

How financially healthy is Grayscale Bitcoin Cash Trust?

Grayscale Bitcoin Cash Trust (BCHG) scores 29 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.