Grayscale Ethereum Classic Trust (the Trust) is an investment vehicle. The Trust’s holds Ethereum Classic (ETC), which are digital assets that are created and transmitted through the operations of the peer-to-peer Ethereum Classic Network. The Trust’s investment objective is for the value of the Shares (based on ETC per Share) to reflect the value of ETC held by the Trust. The Trust’s activities includes issuing Baskets in exchange for ETC transferred to the Trust; transferring or selling ETC, Incidental Rights and IR Virtual Currency as necessary to cover the Sponsor’s Fee and/or any Additional Trust Expenses; transferring ETC in exchange for Baskets surrendered for redemption; causing the Sponsor to sell ETC, Incidental Rights and IR Virtual Currency on the termination of the Trust; making distributions of Incidental Rights and/or IR Virtual Currency or cash from the sale thereof; and engaging in all administrative and security procedures necessary to accomplish such activities.