8-K: Grayscale BCH Trust Updates Index Trading Platforms

Grayscale Bitcoin Cash Trust announced a change to its Bitcoin Cash index calculation, removing itBit due to unmet inclusion criteria.

Summary

• CoinDesk Indices, Inc., the Index Provider for Grayscale Bitcoin Cash Trust (BCH), announced a change to the Digital Asset Trading Platforms used to calculate the Index Price.
• Effective November 18, 2025, itBit (BCH-U.S. Dollar (USD) trading pair) was removed from the CoinDesk BCH CCIXber Reference Rate (the Index).
• The removal was due to itBit failing to meet the Index Provider's conditions for inclusion.
• No new Constituent Trading Platforms were added during the scheduled monthly review.
• Current Constituent Trading Platforms for BCH-USD trading pairs include Bitfinex, Bitstamp by Robinhood, Crypto.com, Gemini, Kraken, LMAX Digital, and OKX.
• Current Constituent Trading Platforms for BCH-U.S. Dollar Coin (USDC) trading pairs include Bullish, Bybit, and Kraken.

Sentiment

Score: 5

Explanation: The filing is a factual, procedural update regarding the underlying index calculation. It does not contain information that is inherently positive or negative for the company's financial performance or strategic direction, but rather reflects routine maintenance of the index.

Negatives

• The removal of itBit indicates that the platform failed to meet the Index Provider's inclusion criteria, potentially signaling a minor reduction in the breadth of trading venues contributing to the index.

Risks

• The Index Provider may change the trading venues used to calculate an Index Price, or otherwise change the way an Index Price is calculated, at any time.
• The Index Provider conducts scheduled monthly reviews, which may result in the addition or removal of Constituent Trading Platforms based on their satisfaction or failure of criteria.

Future Outlook

The Index Provider has scheduled monthly reviews during which it may add or remove Constituent Trading Platforms that satisfy or fail its criteria.

Industry Context

This announcement reflects ongoing efforts within the digital asset industry to maintain robust and reliable index calculations for investment products like Grayscale's trusts. The regular review and adjustment of constituent trading platforms are standard practices to ensure the integrity and accuracy of pricing in a rapidly evolving market, aligning with best practices for financial benchmarks.

Stakeholder Impact

• Shareholders: The change ensures the underlying index for the Trust continues to be calculated using platforms that meet the Index Provider's standards, contributing to the integrity of the Trust's valuation.

Next Steps

• The Index Provider will continue to conduct scheduled monthly reviews to assess and potentially adjust the Constituent Trading Platforms.

Key Dates

Recommendation

The filing details a routine update to the underlying index calculation for the Grayscale Bitcoin Cash Trust, removing a trading platform that failed inclusion criteria. This is a procedural change aimed at maintaining the integrity of the index and does not present new information that would fundamentally alter the investment thesis or warrant a change in recommendation. Investors should continue to hold based on their existing assessment of the digital asset market and the Trust's long-term prospects.

Keywords

Grayscale, Bitcoin Cash, BCH, Trust, Index, Digital Asset, Trading Platform, Crypto, CoinDesk Indices, SEC, 8-K