Item 8.01 Other Events.
Amendment to Trust Agreement
On April 1, 2022, Grayscale Investments, LLC, the sponsor (the "Sponsor") of
Grayscale Ethereum Classic Trust (ETC) (the "Trust"), entered into Amendment
No. 3 (the "Amendment") to the Second Amended and Restated Declaration of Trust
and Trust Agreement (the "Trust Agreement") of the Trust with Delaware Trust
Company, as trustee, and Digital Currency Group, Inc. in order to reduce the
Sponsor's Fee (as defined in the Trust Agreement) from 3.0% of the Digital Asset
Holdings Fee Basis Amount (as defined in the Trust Agreement) to 2.5% of the
Digital Asset Holdings Fee Basis Amount.
The foregoing description of the Amendment does not purport to be complete and
is qualified in its entirety by reference to the Amendment, which is filed as
Exhibit 4.1 to this Current Report on Form 8-K, and incorporated by reference
herein.
Other Announcements
As disclosed in the Trust's Annual Report on Form 10-K for the year ended
December 31, 2021, the Sponsor has directed up to one-third of the Sponsor's Fee
towards initiatives that support development, marketing, and other community
efforts relating to the Ethereum Classic Network at the sole discretion of the
Sponsor until April 2022. Historically, these amounts have been contributed to
the Ethereum Classic Cooperative, a 501(c)(3) non-profit whose mission is to
steward the development of the Ethereum Classic protocol and to support the
growth of a mature ecosystem around the protocol. The Ethereum Classic
Cooperative is governed by a board of directors, which has historically included
Barry E. Silbert, Digital Currency Group's Chief Executive Officer, as well as
another employee of the Sponsor. Effective April 1, 2022, the Sponsor will no
longer direct up to one-third of the Sponsor's Fee towards initiatives
supporting the Ethereum Classic Network and Barry E. Silbert resigned from the
Ethereum Classic Cooperative board of directors.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No. Description
4.1 Amendment No. 3 to the Second Amended and Restated Declaration of
Trust and Trust Agreement
104 Cover Page Interactive Data File (the cover page XBRL tags are
embedded within the inline XBRL document)
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