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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https://www.coindesk.com/grayscale-moves-to-list-bitcoin-cash-and-litecoin-trusts-for-otc-traders
