Grayscale Investments revealed its Bitcoin Cash Trust (BCHG) and Litecoin Trust (LTCN) are available for public trading. The move comes after the crypto hedge fund giant obtained Depository Trust Company (DTC) eligibility for the two products.
Bitcoin Cash and Litecoin Shares Available to the Public
The leading asset management company made the announcement via a press release on Monday (August 18, 2020). According to Grayscale, Bitcoin Cash and Litecoin bring the total number of publicly-traded trusts to six, the others being Bitcoin, Ethereum Classic, Ethereum, and Digital Large Cap Fund.
The company added that Bitcoin Cash and Litecoin will trade under the ticker symbol BCHG and LTCN respectively. Also, both assets will trade publicly on over-the-counter (OTC) markets. Back in July, Grayscale Investments received approval from the U.S. Financial Industry Regulatory Authority (FINRA) to make both investment assets available for public trading.
Although the trusts are not registered with the U.S. Securities and Exchange Commission (SEC), the trusts expose U.S. securities investors to different crypto assets. By the end of July, investors bought 6,028,000 BCHG shares and also purchased 2,500,800 LTCN shares.
An excerpt from the press release reads:
“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.”
Bitcoin Sees Increased Mainstream Adoption
Grayscale’s total asset under management (AUM) recently crossed the $6 billion mark, with Bitcoin Trust maintaining the number one spot at over $5 billion. The company’s rapidly increasing AUM indicates that more institutional investors are buying into cryptocurrency.
Barry Silbert, the Grayscale CEO, is one of the more visible Bitcoin proponents in the U.S. The company recently sponsored a crypto ad campaign on mainstream media outlets in the country which led to $217 million in investments into the company within a week.
Grayscale’s competitor, Galaxy Digital Assets also did a bitcoin ad campaign in the Financial Times, a U.K.-based newspaper. The full-page Bitcoin advert encouraged investors to adopt the largest cryptocurrency by market capitalization.
Bitcoin’s appeal among retail and institutional investors continues to improve with noticeable investment policy changes coming out of Wall Street in recent times. Earlier in August, leading business intelligence firm Microstrategy acquired $250 million in Bitcoin calling BTC a better alternative to cash.
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