Grayscale Bitcoin Cash Trust (BCH) BCHG Strategy

The investment seeks to reflect the value of the BCH held by the trust, determined by reference to the index price. To date, the trust has not met its investment objective and the shares quoted on OTCQX have not reflected the value of BCH held by the trust but have instead traded at a substantial premium over such value. A substantial direct investment in BCH may require expensive and sometimes complicated arrangements in connection with the acquisition, security and 13 safekeeping of the BCH and may involve the payment of substantial fees to acquire such BCH from third-party facilitators through cash payments of U.S. dollars.