Grayscale Ethereum Classic Trust Financials
This page shows Grayscale Ethereum Classic Trust (ETCG) 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).
An unlevered balance sheet makes this trust’s reported results mainly a direct reflection of asset-value swings, not operating performance.
Because total liabilities stayed at$0 from FY2021 through FY2025, the drop in total assets from$283.1M to$126.0M between FY2024 and FY2025 was effectively the same hit to equity. That is why ROA and ROE move together and why the FY2025 net loss of-$157.1M says more about changes in asset values than about a conventional business becoming less efficient.
The pattern across FY2021-FY2025 — net income swinging from
Some figures from recent filings were inconsistent and were omitted from this summary.
Financial Health Signals
We are recalculating Grayscale Ethereum Classic 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
Earnings & Revenue
Grayscale Ethereum Classic Trust reported -$157.1M in net income in fiscal year 2025. This represents a decrease of 639.7% from the prior year.
Cash & Balance Sheet
Margins & Returns
Grayscale Ethereum Classic Trust's ROE was -124.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 134.9 percentage points from the prior year.
Capital Allocation
ETCG Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | -$36.6M | N/A | $16.6M+952.6% | -$1.9M+97.9% | -$94.5M | N/A | -$45.8M+62.6% | -$122.4M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ETCG Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $89.4M-29.0% | $126.0M-38.0% | $203.2M+8.9% | $186.6M-1.0% | $188.5M-33.4% | $283.1M+27.0% | $223.0M-17.0% | $268.7M |
| 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 | $89.4M-29.0% | $126.0M-38.0% | $203.2M+8.9% | $186.6M-1.0% | $188.5M-33.4% | $283.1M+27.0% | $223.0M-17.0% | $268.7M |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ETCG Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | -40.9% | N/A | 8.2%+9.2pp | -1.1%+49.1pp | -50.1% | N/A | -20.5%+25.0pp | -45.6% |
| Return on Assets | -40.9% | N/A | 8.2%+9.2pp | -1.1%+49.1pp | -50.1% | N/A | -20.5%+25.0pp | -45.6% |
| 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 Ethereum Classic Trust profitable?
No, Grayscale Ethereum Classic Trust (ETCG) reported a net income of -$157.1M in fiscal year 2025.
What is Grayscale Ethereum Classic Trust's return on equity (ROE)?
Grayscale Ethereum Classic Trust (ETCG) has a return on equity of -124.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What are Grayscale Ethereum Classic Trust's total assets?
Grayscale Ethereum Classic Trust (ETCG) had $126.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Grayscale Ethereum Classic Trust's debt-to-equity ratio?
Grayscale Ethereum Classic Trust (ETCG) 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 Ethereum Classic Trust's return on assets (ROA)?
Grayscale Ethereum Classic Trust (ETCG) had a return on assets of -124.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.