Grayscale Litecoin Trust (LTC) Files 2024 10-K

TL;DR

Grayscale Litecoin Trust (LTC) filed its 2024 10-K. All good.

AI Summary

Grayscale Litecoin Trust (LTC) filed its 10-K for the fiscal year ending June 30, 2024. The filing details the trust's operations and financial performance related to its investment in Litecoin. Key financial data and operational aspects are presented, with the company's address listed as 290 Harbor Drive, 4th Floor, Stamford, CT 06902.

Why It Matters

This filing provides investors and the public with a comprehensive overview of Grayscale Litecoin Trust's financial health and operational status for the past fiscal year, crucial for understanding the trust's performance and future prospects.

Risk Assessment

Risk Level: medium — The trust's value is directly tied to the volatile price of Litecoin, exposing it to significant market risk.

Key Numbers

• 0630 — Fiscal Year End (Indicates the end of the reporting period for the 10-K.)
• 20240906 — Filing Date (Date the 10-K was officially submitted to the SEC.)

Key Players & Entities

• Grayscale Litecoin Trust (LTC) (company) — Filer of the 10-K
• 20240630 (date) — Fiscal year end date
• 290 Harbor Drive, 4th Floor, Stamford, CT 06902 (address) — Business and mailing address
• 212 668 1427 (phone_number) — Business phone number
• Litecoin (cryptocurrency) — Underlying asset of the trust

FAQ

Key Financial Figures

• $103.2 million — Litecoin and Bitcoin were approximately $103.2 million and $6.3 billion, respectively. As of J
• $6.3 b — n were approximately $103.2 million and $6.3 billion, respectively. As of June 30, 202
• $5.6 b — aggregate market value of Litecoin was $5.6 billion, as compared to the $1,235.9 bill
• $1,235.9 billion — in was $5.6 billion, as compared to the $1,235.9 billion aggregate value of Bitcoin. As of June

Filing Documents

• ltcn-20240630.htm (10-K) — 2201KB
• ltcn-ex31_1.htm (EX-31.1) — 21KB
• ltcn-ex31_2.htm (EX-31.2) — 21KB
• ltcn-ex32_1.htm (EX-32.1) — 7KB
• ltcn-ex32_2.htm (EX-32.2) — 7KB
• img87590013_0.jpg (GRAPHIC) — 582KB
• img87590013_1.jpg (GRAPHIC) — 266KB
• img87590013_2.jpg (GRAPHIC) — 271KB
• 0000950170-24-104236.txt ( ) — 7597KB
• ltcn-20240630.xsd (EX-101.SCH) — 371KB
• ltcn-20240630_htm.xml (XML) — 694KB

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K contains "forward-looking statements" with respect to the financial conditions, results of operations, plans, objectives, future performance and business of Grayscale Litecoin Trust (LTC) (the "Trust"). Statements preceded by, followed by or that include words such as "may," "might," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of these terms and other similar expressions are intended to identify some of the forward-looking statements. All statements (other than statements of historical fact) included in this Annual Report that address activities, events or developments that will or may occur in the future, including such matters as changes in market prices and conditions, the Trust's operations, the plans of Grayscale Investments, LLC (the "Sponsor") and references to the Trust's future success and other similar matters are forward-looking statements. These statements are only predictions. Actual events or results may differ materially from such statements. These statements are based upon certain assumptions and analyses the Sponsor made based on its perception of historical trends, current conditions and expected future developments, as well as other factors appropriate in the circumstances. Whether or not actual results and developments will conform to the Sponsor's expectations and predictions, however, is subject to a number of risks and uncertainties, including, but not limited to, those described in "Part I. Item 1A. Risk Factors." Forward-looking statements are made based on the Sponsor's beliefs, estimates and opinions on the date the statements are made and neither the Trust nor the Sponsor is under a duty or undertakes an obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, other than as required by applicable laws. Investors are therefore cauti

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 45 Item 1B. Unresolved Staff Comments 77 Item 1C. Cybersecurity 77 Item 2.

Properties

Properties 78 Item 3.

Legal Proceedings

Legal Proceedings 78 Item 4. Mine Safety Disclosures 78 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 79 Item 6. [Reserved] 79 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 80 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 86 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 86 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 87 Item 9A.

Controls and Procedures

Controls and Procedures 87 Item 9B. Other Information 87 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 87 PART III Item 10. Directors, Executive Officers and Corporate Governance 88 Item 11.

Executive Compensation

Executive Compensation 89 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 90 Item 13. Certain Relationships and Related Transactions and Director Independence 90 Item 14. Principal Accountant Fees and Services 93 PART IV Item 15. Exhibits and Financial Statement Schedules 94 Item 16. Form 10-K Summary 95 Glossary of Defined Terms 96 iv PART I

B usiness

Item 1. B usiness Overview of the Trust and the Shares Grayscale Litecoin Trust (LTC) (formerly known as Litecoin Investment Trust) (the "Trust") is a Delaware Statutory Trust that was formed on January 26, 2018 by the filing of the Certificate of Trust with the Delaware Secretary of State in accordance with the provisions of the Delaware Statutory Trust Act. The Trust's purpose is to hold Litecoin ("LTC"), which are digital assets that are created and transmitted through the operations of the peer-to-peer Litecoin Network, a decentralized network of computers that operates on cryptographic protocols. Litecoin is an alternative software implementation of Bitcoin that was created in late 2011 by Charlie Lee, a former Google employee, who set out to create a proof-of-work currency that could be an alternative to Bitcoin. Ultimately, this resulted in a clone of Bitcoin. Although Litecoin is thus very similar to Bitcoin, there are several key differences between the Litecoin Network and the Bitcoin Network. The fundamental difference between Bitcoin and Litecoin is the hashing algorithm used by each network. Bitcoin uses the SHA-256 algorithm, which is preferred for parallel processing, but is also easily used to build application-specific integrated circuits (ASICs) to mine the network more efficiently. In contrast, Litecoin employs the crypt algorithm, which does not require miners to have access to ASICs, which are expensive, and therefore results in less centralized mining hash power and facilitates mining for those without top end resources. Litecoin blocks are also generated every two and a half minutes, approximately four times faster than Bitcoin's block production. Due to the faster block production, Litecoin halvings are also four times further apart, occurring every 840,000 blocks versus every 210,000 blocks for Bitcoin. Additionally, Litecoin has a maximum supply of 84 million coins and current circulating supply of 74.7 million coins versus Bitcoin's

View Full Filing

View this 10-K filing on SEC EDGAR