Grayscale Ethereum Classic Trust (ETC) (the Trust) is an investment vehicle. The Trust holds the Ethereum Classic (ETC), which is a digital asset that is created and transmitted through the operations of the peer-to-peer Ethereum Classic Network, a decentralized network of computers. The Trust’s investment objective is for the value of the Shares (based on ETC per Share) to reflect the value of ETC held by the Trust, determined by reference to the Index Price, less the Trust’s expenses and other liabilities. The Trust’s activities include issuing Baskets in exchange for ETC transferred to the Trust as consideration in connection with the creation; transferring or selling ETC, Incidental Rights and IR Virtual Currency as necessary to cover the Sponsor’s Fee and/or any Additional Trust Expenses; transferring ETC in exchange for Baskets surrendered for redemption; causing the Sponsor to sell ETC, Incidental Rights and IR Virtual Currency on the termination of the Trust, and others.