Digital Assets: Grayscale’s Bitcoin Cash and Litecoin Trusts Move Closer To Trading

July 22, 2020 | Digital Assets, News
https://dailyalts.com/wp-content/uploads/2020/07/cryptocurrency-3409725_640.jpg

Bitcoin Cash Trust and Litecoin Trust will trade under the tickers BCHG and LTCN respectively.

In an announcement Monday, Grayscale Investments, the world’s largest digital currency asset manager, said that FINRA had approved the shares in its Grayscale Bitcoin Cash Trust and Grayscale Litecoin Trust for public quotation. The symbols are BCHG and LTCN respectively on the OTC Markets. (Coin Telegraph)

Once the shares are approved for trading, after becoming DTC eligible, investors may purchase them to obtain exposure to the underlying cryptocurrencies, namely bitcoin cash, and Litecoin.

“The Trusts are open-ended trusts sponsored by our firm and intended to enable exposure to the price movement of the Trusts’ underlying assets through a traditional investment vehicle, avoiding the challenges of buying, storing, and safekeeping digital Bitcoin Cash or Litecoin directly,” the digital asset manager said.

Trusts already trading

Grayscale’s Bitcoin Trust (OTCQX: GBTC), Ethereum Trust (OTCQX: ETHE), and Ethereum Classic Trust (OTCQX: ETCG) already trade on the OTC markets and represent the underlying bitcoin, ethereum, and ethereum classic cryptocurrencies.

Grayscale breaks records in Q2

In the second quarter of 2020, Grayscale’s Bitcoin Trust and Ethereum Trust both experienced record quarterly inflows of $751.1 million and $135.2 million, respectively.

On an aggregate basis, the digital asset manager recorded its largest quarterly inflows of $905.8 million in 2Q20, nearly double the previous quarterly high of $503.7 million in 1Q20.

For the first time, inflows into its products over a 6-month period crossed the $1 billion threshold.

As of July 15, the firm’s AUM was $4.1 billion. Of this, the Bitcoin Trust represented the lion’s share of over $3.56 billion, followed by the Ethereum Trust with $416.7 million.

“After Bitcoin’s halving in May, 2Q20 inflows into the Grayscale Bitcoin Trust surpassed the number of newly-mined bitcoin over the same period,” Grayscale’s report Q2 report said. “With so much inflow to relative to newly-mined Bitcoin, there is a significant reduction in supply-side pressure.”

Related Story:  Grayscale’s Bitcoin Trust is Mopping up Bitcoin                                                

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2023/12/AMD_headquarters_santa_clara.624da707519a6.jpg
Artificial Intelligence: AMD Takes On Rivals In The AI Chip Sweepstakes
December 7, 2023     Artificial Intelligence, News

Chipmaker AMD (NASDAQ: AMD) has unveiled a range of innovative AI solutions spanning from data centers to personal computers. The AMD Instinct MI300 Series features data center AI accelerators, while…

https://dailyalts.com/wp-content/uploads/2023/12/RHCEU-Inline.jpg
Digital Assets: Robinhood Debuts Crypto Trading On Its App In The EU
December 7, 2023     Digital Assets, FinTech, News

Robinhood (NASDAQ: HOOD) has launched its Crypto app in the European Union (EU), allowing eligible customers to engage in crypto trading with the added incentive of earning Bitcoin rewards. Customers…

https://dailyalts.com/wp-content/uploads/2023/12/Samsung_UK_Samsung_Pay_Lifestyle_0552-revised-Pictogram-23.11.30-1024x744-1.png
FinTech: Samsung Electronics Ties With Mastercard’s Wallet Express
December 7, 2023     FinTech, News

Samsung Electronics (KRX: 005930) and Mastercard (NYSE: MA) have partnered to launch the Wallet Express program, offering banks and card issuers a cost-effective way to expand digital wallet offerings. Through…

https://dailyalts.com/wp-content/uploads/2023/12/Revaia-founders.jpg
Venture Capital: Revaia, Europe’s Biggest Female-Led VC Firm, Racks Up $160M For Second Fund
December 7, 2023     ESG and Sustainability, News, Venture Capital

Revaia, Europe’s largest female-founded venture capital firm, has successfully raised €150 million ($160 million) for its second fund, Revaia Growth II. The funding was secured from sovereign wealth funds, family…