Grayscale to Host First US Public Listing of Bitcoin Cash and Litecoin Shares
Digital asset management company Grayscale Investments this Monday announced that it has received regulatory approval to list shares of its trusts, which are based on the cryptocurrencies Bitcoin Cash and Litecoin..
According to the press release, with permission from the Financial Services Regulatory Authority (FINRA), it will launch the first publicly listed shares in the US based on these two cryptocurrencies. Like other Grayscale products, BCHG and LTCN trusts will be listed on the OTC Markets OTC platform.
Private placement in both trusts for accredited investors has been carried out since March 2018. According to the company’s latest reports, the Bitcoin Cash-based trust has $ 6 million in assets under management, while the Litecoin-based trust has $ 2.1 million. The holding period of shares acquired in a private placement before being sold on the public market is one year, as required. Securities and Exchange Commission.
Grayscale expects to complete preparations for the public circulation of BCHG and LTCN shares in the near future, approximately within 2-4 weeks. “Investors will be able to buy and sell shares of BCHG and LTCN through their investment accounts in the same way as they would do with any other unregistered security,” the company explains..
BCHG and LTCN trusts will be the fifth and sixth Grayscale instruments available for public circulation. Currently, the OTC Markets platform already offers securities of bitcoin-based trusts (GBTC), Ethereum (ETHE), Ethereum Classic (ETGC), as well as a large-cap cryptocurrency fund (GDLC).
“Grayscale creates investment products that operate within the existing regulatory regime,” said Michael Sonnenschein, Managing Director of Grayscale. “With the approval of two additional products for public circulation, we are expanding investor access to the digital currency class.”.
Recently it became known that Grayscale products attracted record investments of $ 1.4 billion in the first half of 2020.
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