In a big boost for Grayscale Investments, FINRA has approved its Bitcoin Cash Trust and Litecoin Trust for a public quotation.
Bitcoin Trust, Ethereum Trust, Ethereum Classic Trust, and the Digital Large Cap Fund of Grayscale Investments are already publicly traded investment products, bringing the total now to six.
The announcement of the two products was made on Monday. The shares of Bitcoin Cash Trust and Grayscale Litecoin Trust would be recited on OTC Markets as BCHG and LTCN, respectively. According to Grayscale, the two securities are now “the first publicly-quoted securities in the U.S. deriving value from Bitcoin cash (BCH) and Litecoin (LTC).”
Even after the FINRA approval, there will not be any volume of trading in the public quotation. The company has clarified that this will only be after the shares are DTC available. However, Grayscale has emphasized that this will happen soon for BCHG and LTCN.
Elaborating further, they have said,
Grayscale Investments
Grayscale Investments manages cryptocurrency investment funds and is a subsidiary of the Digital Currency Group. As in 2017, Grayscale Bitcoin Investment Trust was managing $208M worth of investments.
A year later, in March 2018, Grayscale had created trusts for investments for ETH, LTC, XRP, BCH, and Zcash and the total cryptocurrency investments being managed had shot up to $2.1B. Another digital currency investment trust Zen was launched in June 2018, followed by Ethereum Classic a month later.
Even in these pandemic conditions, the growth of Grayscale Investments has not taken a hit. The total asset under management (AUM) of the company stands at $1.4B as of July 20. Bitcoin Trust leads with an AUM of $3.554B, followed by Bitcoin Cash Trust at $6 million and Litecoin Trust at $2.1M.
