Grayscale To List Shares Representing Bitcoin Cash & Litecoin Trust
Grayscal Investments, which owns a cryptocurrency fund, is on course to list shares representing Bitcoin Cash and Litecoin on the OTC markets. In this regard, the company has received approval from the US based Financial Industry Regulatory Authority (FINRA) for listing shares of Bitcoin Cash Trust and Litecoin Trust, holding Bitcoin Cash and Litecoin, respectively. The shares of Bitcoin Cash Trust and Litecoin Trust will be represented by the tickers BCHG and LTCN.
Listing and trading of Bitcoin Cash Trust and Litecoin Trust shares will be allowed after complying with terms of Depository Trust Company (DTC), the largest securities depository in the world.
The company issued the following statement:
“There will be no trading volume in the shares’ public quotations until the respective shares are DTC eligible, which BCHG and LTCN are expected to receive soon.”
Grayscale’s Bitcoin Cash Trust, as of June 30, has 2,725,300 shares, valued at $5.80 million under management. Likewise, Litecoin Trust has 509,400 shares, valued at $2 million under management.
Grayscale’s trusts facilitate investing in crypto without a need to possess crypto tokens. As per the investment firm, the strategy averts “the challenges of buying, storing, and safekeeping digital Bitcoin Cash or Litecoin directly.”
Bitcoin Cash and Litecoin shares are the 5th and 6th public offerings by Grayscale. The firm has already listed shares of Bitcoin (BTC), Ethereum (ETH), and Ethereum Classic (ETC), Horizen (ZEN), Stellar Lumens (XLM), XRP, and Zcash (ZEC) on the OTC market. Similar to Bitcoin Cash and Litecoin, shares of Trust holding those cryptos are listed for trading.
Bitcoin Cash (BCH) and Litecoin (LTC) were trading at $225.66 and $42.24, respectively. With market cap of $1.624 billion, Bitcoin Cash is the fifth largest crypto.