Grayscale Ethereum Classic Trust (ETC)

ETCGdata completeness 13%5 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'operatingCashFlow'; no data for concept 'capex'; no data for concept 'cash'; no data for concept 'totalDebt'; no data for concept 'stockholdersEquity'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	$335.1M¹	−$220.1M²	$66.6M³	$29.1M³	−$157.1M³
Operating cash flow	—	—	—	—	—
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	—	—	—	—	—
Diluted shares	—	—	—	—	—

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?

Moat signal · return on equity

— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →

Management signal · capital allocation

— shares · 5y

Not enough history to read capital allocation.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

no diluted share count

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2021-12-31 · accession 0000950170-24-019124 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0000950170-25-035468 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001193125-26-104231 (NetIncomeLoss)