Bitcoin Cash and Litecoin Trusts from Grayscale Investments Begin Trading 1

Grayscale Investments’ Litecoin Trust (LTCN) and Bitcoin Cash Trust (BCHG) have received DTC eligibility on Monday, which means the shares can begin trading publicly. The firm’s latest funds give investors exposure to the crypto assets bitcoin cash and litecoin and shares will be traded via secondary markets.

Both LTC and BCH supporters were pleased to hear that Grayscale’s new crypto trusts met DTC eligibility on Monday, August 17. This means eligible investors can gain access to these two trusts and invest in them like other types of securities.

Essentially, DTC eligibility means that the securities, in this case, LTCN and BCHG are able to be pledged through the DTC. It is by far the largest securities depository in the world managing $35 trillion worth of securities on deposit.

Investors can now gain exposure to these crypto assets by investing in eligible shares. The Bitcoin Cash Trust will be available to trade on over-the-counter (OTC) markets according to the announcement, and shares will leverage the ticker symbol: BCHG.

Eligible Shares of Grayscale Investments’ Litecoin Trust will be available to trade on OTC markets under the symbol: LTCN.

“The Trusts are open-ended trusts sponsored by Grayscale and are intended to enable exposure to the price movement of each Trust’s underlying assets through an investment vehicle, avoiding the challenges of buying, storing, and safekeeping digital Bitcoin Cash or Litecoin directly,” explains Grayscale.

Grayscale’s announcement noted that the trusts saw private placements in March 2018, and shares drafted through each trust’s respective placement are available to sell into the public market. However, Rule 144 of the Securities Act requires a “statutory one-year holding period.”

Bitcoin Cash and Litecoin Trusts from Grayscale Investments Begin Trading 2Bitcoin Cash and Litecoin Trusts from Grayscale Investments Begin Trading 3

As of July 31, 2020, there were 6,028,000 shares outstanding of BCHG and each share represented ownership of 0.00941311 bitcoin cash,” Grayscale’s announcement on Monday states. “There were 2,500,800 shares outstanding of LTCN and each share represented ownership of 0.09413112 litecoin,” the press release adds.

Grayscale Investments’ announcement on Monday further concludes:

All investors with access to U.S. securities will be able to buy and sell freely-tradable shares of BCHG and LTCN through their investment accounts in the same manner as they would other unregistered securities.

What do you think about Grayscale’s new litecoin and bitcoin cash investment products? Let us know in the comments section below.

Tags in this story
BCHG, bitcoin cash, Bitcoin Cash Trust, crypto assets, DTC, DTC eligibility, Grayscale Investments, litecoin, Litecoin Trust, LTCN, OTC, Over-the-counter, Secondary Markets, Securities Act, Trusts, unregistered securities

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin21,449 0.17 % 0.06 % 12.61 %
Ethereum1,243.5 0.10 % 1.18 % 24.94 %
Tether1.001 0.04 % 0.13 % 0.01 %
USD Coin0.9989 0.16 % 0.08 % 0.04 %
BNB240.09 0.55 % 0.74 % 21.64 %
XRP0.3697 0.08 % 0.09 % 19.51 %
Cardano0.9566 0.22 % 0.68 % 6.96 %
Binance USD1.002 0.24 % 0.04 % 0.09 %
Solana41.39 0.00 % 1.19 % 30.07 %
Dogecoin0.07066 0.48 % 3.18 % 33.02 %

bitcoin
Bitcoin (BTC) $ 21,434.00
ethereum
Ethereum (ETH) $ 1,241.97
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 239.97
xrp
XRP (XRP) $ 0.368756
cardano
Cardano (ADA) $ 0.518421
binance-usd
Binance USD (BUSD) $ 1.00
solana
Solana (SOL) $ 41.35
dogecoin
Dogecoin (DOGE) $ 0.070808