Grayscale Ethereum Classic Trust Financials

ETCG

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

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).

Rhea AI ETCG FY2025 2026-05-05

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 $335.1M to -$220.1M, back to profits, then to -$157.1M — shows earnings are highly variable because the asset base itself is volatile. With no debt cushion or revenue stream visible here, balance-sheet size is the clearest indicator of what holders still own at year-end.

Some figures from recent filings were inconsistent and were omitted from this summary.

Financial Health Signals

Financial Profile 17/100

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 Ethereum Classic 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 Ethereum Classic 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 Ethereum Classic Trust generates a -124.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 10.3% the prior year.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

-$157.1M

YoY-639.7%

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.

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

-124.6%

YoY-134.9pp

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

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

ETCG 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	-$157.1M-639.7%	$29.1M-56.3%	$66.6M+130.3%	-$220.1M-165.7%	$335.1M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A

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	FY25	FY24	FY23	FY22	FY21
Total Assets	$126.0M-55.5%	$283.1M+11.5%	$254.0M+35.6%	$187.3M-54.0%	$407.5M
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	$126.0M-55.5%	$283.1M+11.5%	$254.0M+35.6%	$187.3M-54.0%	$407.5M
Retained Earnings	N/A	N/A	N/A	N/A	N/A

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	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	-124.6%-134.9pp	10.3%-16.0pp	26.2%+143.8pp	-117.5%-199.8pp	82.3%
Return on Assets	-124.6%-134.9pp	10.3%-16.0pp	26.2%+143.8pp	-117.5%-199.8pp	82.3%
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	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.

How financially healthy is Grayscale Ethereum Classic Trust?

Grayscale Ethereum Classic Trust (ETCG) scores 17 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.