Grayscale Receives FINRA Approval for BCH and LTC to Trade Publicly
Financial regulators in the US approved shares of Grayscale Investmentsâ€™ Bitcoin Cash and Litecoin trusts for trading on OTC Markets.
Crypto fund manager Grayscale Investments will make Bitcoin Cash and Litecoin available for public trading through shares of the firmâ€™s cryptocurrency trusts.
In the July 20 announcement, Grayscale said the Financial Industry Regulatory Authority (FINRA) in the United States had approved shares of the firmâ€™s Bitcoin Cash Trust and Litecoin Trust for public trading. The two stocks will be available on OTC markets under the symbols BCHG and LTCN.
Public trading for the two digital assets remains subject to full compatibility with the Depository Trust Company (DTC), the worldâ€™s largest securities depository.Â
â€œThere will be no trading volume in the sharesâ€™ public quotations until the respective shares are DTC eligible, which BCHG and LTCN are expected to receive soon,â€� the announcement stated.Â
Grayscale reported that as of June 30 it has 2,725,300 shares in its Bitcoin Cash Trust for $5.8 million assets under management and 509,400 shares of the Litecoin Trust totaling $2 million.Â
Publicly traded tokens
Grayscaleâ€™s trusts provide a means of investing in crypto without having to actually hold the tokens. According to the investment firm, this strategy avoids â€œthe challenges of buying, storing, and safekeeping digital Bitcoin Cash or Litecoin directly.â€�
Shares of Bitcoin Cash and Litecoin are the fifth and sixth public offerings from Grayscale. Cointelegraph has reported the firm received approval to list shares of Bitcoin (BTC), Ethereum (ETH), and Ethereum Classic (ETC). Horizen (ZEN), Stellar Lumens (XLM), XRP, and Zcash (ZEC) are also available for trading through a trust at the investment firm.
At the time of writing, Bitcoin Cash (BCH) and Litecoin (LTC) are valued at $223.92 and $42.13, respectively. According to CoinMarketCap, BCH is rated as the fifth largest token by market cap, while LTC is the ninth.
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