Item 8.01 Other Events.
On March 2, 2022, the board (the "Board") of Grayscale Investments, LLC, the
sponsor (the "Sponsor") of Grayscale Ethereum Classic Trust (ETC) (the "Trust"),
approved the purchase by Digital Currency Group, Inc. ("DCG"), the parent
company of the Sponsor, of up to an aggregate total of $200 million worth of
shares of the Trust and shares of any of the following five investment products
the Sponsor also acts as the sponsor and manager of, including Grayscale Bitcoin
Trust (BTC) (OTCQX: GBTC), Grayscale Bitcoin Cash Trust (BCH) (OTCQX: BCHG),
Grayscale Digital Large Cap Fund LLC (OTCQX: GDLC), Grayscale Ethereum Trust
(ETH) (OTCQX: ETHE), and Grayscale Stellar Lumens Trust (XLM) (OTCQX: GXLM).
Subsequently, DCG authorized such purchase. This increases DCG's prior
authorization to purchase up to $50 million worth of shares by up to a maximum
of $200 million. Through March 2, 2022, DCG has purchased $45 million worth of
shares. DCG plans to use cash on hand to fund the purchases and will make the
purchases on the open market, at management's discretion, in compliance with
Rule 10b-18 under the Securities Exchange Act of 1934 (the "Exchange Act"). The
share purchase authorization does not obligate DCG to acquire any specific
number of shares in any period, and may be expanded, extended, modified, or
discontinued at any time. The actual timing, amount and value of share purchases
will depend entirely upon a number of factors, including the levels of cash
available, price, and prevailing market conditions. DCG will not effect any
purchases while the Trust is engaged in private placement activities or
immediately prior to the commencement of such activities. Information regarding
stock purchases will be available in the Trust's periodic reports filed with the
Securities and Exchange Commission on Forms 10-K and 10-Q as required by the
applicable rules of the Exchange Act. A copy of the press release announcing
DCG's plan to purchase shares of the Trust is attached to this Report as Exhibit
99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press Release Announcing Digital Currency Group's Plan to Purchase
Shares of Grayscale Ethereum Classic Trust (OTCQX: ETCG)
104 Cover Page Interactive Data File (the cover page XBRL tags are embedded
within the inline XBRL document)
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