| 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 December 31, 2025, 2024 and 2023, the Trust held 10,985,516.92607291, 11,263,626.25503150 and 11,548,776.17230000 ETC, respectively. The Trust determined the fair value per ETC to be $11.47, $25.13, and $21.99 on December 31, 2025, 2024 and 2023, 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, 2022 |
|
11,841,144.97143656 |
|
|
$ |
187,327 |
|
ETC contributed |
|
|
- |
|
|
|
- |
|
ETC distributed for Sponsor’s Fee, related party |
|
|
(292,368.79913656 |
) |
|
|
(5,476 |
) |
Net change in unrealized appreciation/depreciation on investment in ETC |
|
|
- |
|
|
|
68,838 |
|
Net realized gain on investment in ETC |
|
|
- |
|
|
|
3,269 |
|
Balance at December 31, 2023 |
|
|
11,548,776.17230000 |
|
|
$ |
253,958 |
|
ETC contributed |
|
|
- |
|
|
|
- |
|
ETC distributed for Sponsor’s Fee, related party |
|
|
(285,149.91726843 |
) |
|
|
(7,157 |
) |
Net change in unrealized appreciation/depreciation on investment in ETC |
|
|
- |
|
|
|
31,251 |
|
Net realized gain on investment in ETC |
|
|
- |
|
|
|
5,003 |
|
Balance at December 31, 2024 |
|
11,263,626.25503150 |
|
|
$ |
283,055 |
|
ETC contributed |
|
|
- |
|
|
|
- |
|
ETC distributed for Sponsor’s Fee, related party |
|
|
(278,109.32895859 |
) |
|
|
(5,161 |
) |
Net change in unrealized appreciation/depreciation on investment in ETC |
|
|
- |
|
|
|
(154,951 |
) |
Net realized gain on investment in ETC |
|
|
- |
|
|
|
3,061 |
|
Balance at December 31, 2025 |
|
10,985,516.92607291 |
|
|
$ |
126,004 |
|
|