Home | Breaking | Grayscale Investments Received Approval to Start Offering LItecoin and Bitcoin Cash

Grayscale Investments Received Approval to Start Offering LItecoin and Bitcoin Cash

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Grayscale investments will now be able to offer clients the possibility to exchange and handle Litecoin (LTC) and Bitcoin Cash (BCH), three of the largest and most popular cryptocurrencies in the world. The information was officially released by Grayscale Investments in a press release on July 20. 

Grayscale Investments Offering Cryptocurrencies to Clients

As informed by Grayscale, they have received the final approval from the FINRA (Financial Industry Regulatory Authority) to start offering shares of both the Grayscale Bitcoin Cash Trust and the Grayscale Litecoin Trust using the symbols BCHG and LTCN respectively. 

In this way, market users will have the possibility to have exposure to the price movement of the Trusts and the underlying assets. In addition to it, users would not need to care about how they hold the virtual currency or which are the safety measures they take. Everything will be handled by the company. 

As explained by Grayscale Investments in the official press release, each Grayscale Bitcoin Cash Trust share represented the ownership of 0.00943312 BCH. They have also issued 2,725,300 shares. In addition to it, there were 509,400 shares of the Grayscale Litecoin Trust with each of them representing the ownership of 0.09433120 LTC. 

The firm said about their investment objective:

“The investment objective of each Trust is for the Shares (based on assets per share) to reflect the value of the digital currency held by the Trust, determined by reference to the appropriate TradeBlock index at 4:00 p.m. New York time, less the Trust’s expenses and other liabilities.”

They went on explaining that TradeBlock’s BCX Index is the reference for Grayscale Bitcoin Cash Trust and TradeBlock’s LTX Index is used for the Grayscale Litecoin Trust. It is worth mentioning that the trusts are not going to be generating income and the underlying assets are used to pay for the ongoing expenses and more. 

That means that the amount of BCH and LTC used to back each of these Shares will be decreasing over time gradually. Furthermore, these Trusts have not been registered with the U.S. Securities and Exchange Commission (SEC). 

Grayscale has been working over the last years trying to bring cryptocurrencies to traditional investors. They were able to offer institutions a large number of solutions, including exposure to Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and many other virtual currencies in the market.

John Asher

John Asher

I am a crypto-enthusiast that likes to write about the blockchain industry. Mostly, I'm interested in the gaming industry and how it will revolutionize in-game asset ownership.

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