8-K: Grayscale ETC Adds Crypto.com to Index Platforms

Grayscale Ethereum Classic Trust announced the addition of Crypto.com to the CoinDesk Ether Classic Price Index, effective September 21, 2025, enhancing the index's liquidity and representation.

Summary

• CoinDesk Indices, Inc., the Index Provider for Grayscale Ethereum Classic Trust (ETC), added Crypto.com to the CoinDesk Ether Classic Price Index (ECX).
• The change was effective September 21, 2025, as part of a scheduled quarterly review.
• Crypto.com was added because it met the Index Provider's minimum liquidity requirement.
• No Constituent Trading Platforms were removed during this review.
• The Constituent Trading Platforms now included in the Index are Coinbase, Kraken, Bitfinex, and Crypto.com.

Sentiment

Score: 7

Explanation: The addition of a new, liquid trading platform to the index is a positive operational update, enhancing the robustness and market representation of the underlying index. It reflects a proactive approach to maintaining index quality.

Positives

• The addition of Crypto.com to the Index enhances the overall liquidity of the Constituent Trading Platforms.
• Meeting minimum liquidity requirements suggests improved market representation and robustness for the Index.

Risks

• The Index Provider may change the trading venues used to calculate the Index Price at any time.
• The Index Provider may otherwise change the way in which an Index Price is calculated at any time.

Future Outlook

The Index Provider conducts scheduled quarterly reviews and may add or remove Constituent Trading Platforms that satisfy or fail its criteria. The Index Provider retains the right to change the trading venues or the calculation methodology for the Index Price at any time.

Management Comments

• Edward McGee, Chief Financial Officer of Grayscale Investments Sponsors, LLC, signed the report on behalf of Grayscale Ethereum Classic Trust (ETC).

Industry Context

This update reflects the ongoing evolution of digital asset index methodologies, where index providers regularly review and adjust constituent platforms to ensure accurate pricing and sufficient liquidity. The inclusion of Crypto.com, a prominent exchange, aligns with the industry trend of incorporating diverse and liquid trading venues to enhance index integrity and investor confidence in crypto-backed products.

Comparison to Industry Standards

• The practice of regularly reviewing and updating constituent trading platforms for digital asset indices is standard within the cryptocurrency investment product industry, similar to how traditional equity indices adjust their components.
• The criteria for adding platforms, such as minimum liquidity requirements, are common benchmarks used by index providers like CoinDesk Indices, Inc. to maintain the quality and representativeness of their indices, comparable to how S&P Dow Jones Indices or MSCI manage their respective benchmarks.

Stakeholder Impact

• Shareholders: May benefit from an index that better reflects market liquidity and pricing, potentially leading to more accurate tracking of Ethereum Classic's value.
• Investors: Provides greater confidence in the methodology used to calculate the Trust's net asset value.

Next Steps

• The Index Provider will continue to conduct scheduled quarterly reviews, during which it may add or remove Constituent Trading Platforms based on its criteria.

Key Dates

Recommendation

This filing details a routine operational update to the underlying index methodology, specifically the addition of a trading platform due to meeting liquidity requirements. While a positive step for index robustness, it does not present new financial performance data, strategic shifts, or material events that would warrant a change in investment recommendation. Therefore, a 'hold' recommendation is appropriate as it maintains the current investment stance based on this non-material operational update.

Keywords

Grayscale Ethereum Classic Trust, ETC, Crypto.com, CoinDesk Ether Classic Price Index, ECX, Digital Asset Trading Platforms, Index Provider, liquidity, cryptocurrency, digital assets