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Grayscale Bitcoin Cash Trust Financials

BCHG
Source SEC Filings (10-K/10-Q) Data as of 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

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.

Generated by Rhea from SEC filings [ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score pending refresh

We are recalculating Grayscale Bitcoin Cash Trust's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

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 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 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 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

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

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.

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

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.

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.

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