| Fair Value of ETC |
3. Fair Value of ETC ETC is held by the Custodian on behalf of the Trust and is carried at fair value. As of March 31, 2026 and December 31, 2025, the Trust held 10,918,003.97566090 and 10,985,516.92607291 ETC, respectively. The Trust determined the fair value per ETC to be $8.19 and $11.47 on March 31, 2026 and December 31, 2025, respectively, using the price provided at 4:00 p.m., New York time, by the Digital Asset Trading Platform Market considered to be the Trust’s principal market (Coinbase). The following represents the changes in quantity of ETC and the respective fair value:
|
|
|
|
|
|
|
|
|
(Amounts in thousands, except ETC amounts) |
|
Quantity |
|
|
Fair Value |
|
Balance at December 31, 2024 |
|
|
11,263,626.25503150 |
|
|
|
283,055 |
|
ETC contributed |
|
|
- |
|
|
|
- |
|
ETC distributed for Sponsor’s Fee, related party |
|
|
(69,222.10815690 |
) |
|
|
(1,511 |
) |
Net change in unrealized appreciation/depreciation on investment in ETC |
|
|
- |
|
|
|
(94,019 |
) |
Net realized gain on investment in ETC |
|
|
- |
|
|
|
989 |
|
Balance at March 31, 2025 |
|
|
11,194,404.14687460 |
|
|
$ |
188,514 |
|
|
|
|
|
|
|
|
(Amounts in thousands, except ETC amounts) |
|
Quantity |
|
|
Fair Value |
|
Balance at December 31, 2025 |
|
10,985,516.92607291 |
|
|
$ |
126,004 |
|
ETC contributed |
|
|
- |
|
|
|
- |
|
ETC distributed for Sponsor’s Fee, related party |
|
|
(67,512.95041201 |
) |
|
|
(660 |
) |
Net change in unrealized appreciation/depreciation on investment in ETC |
|
|
- |
|
|
|
(36,076 |
) |
Net realized gain on investment in ETC |
|
|
- |
|
|
|
150 |
|
Balance at March 31, 2026 |
|
|
10,918,003.97566090 |
|
|
$ |
89,418 |
|
|