Grayscale Moves to List Bitcoin Cash and Litecoin Trusts for OTC Traders
Grayscale Managing Director Michael Sonnenshein. (CoinDesk archives)
Grayscale Investments has announced that its digital asset funds Bitcoin Cash Trust and Litecoin Trust have cleared a regulatory hurdle in their march to begin being quoted on over-the-counter markets.
- The U.S. Financial Industry Regulatory Authority (FINRA) on Monday verified that the trusts’ broker-dealer OTC Link LLC had completed its required diligence check. It’s one step in the security quoting process, but more lie ahead.
- Grayscale’s twin trusts still need to be deemed “eligible securities” by the Depository Trust Company (DTC) before they can begin trading. In a press release, Grayscale did not indicate when that ruling may come. (Grayscale is a subsidiary of Digital Currency Group, CoinDesk’s parent firm.)
- Bitcoin Cash Trust and Litecoin Trust will carry the tickers BCHG and LTCN once they commence OTC trading, the digital asset management firm said.
- Grayscale has taken to developing and offering crypto trusts as a way for retail investors to gain exposure to cryptocurrencies. It has already rolled out similar investment vehicles for bitcoin, ethereum and ethereum classic.
Nikhilesh De contributed reporting
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