Grayscale Can Now Offer Litecoin and Bitcoin Cash to the Public: FINRA

Nick Chong

4 years ago

2 mins read

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For investors that lack the ability or drive to deal with opening an exchange account, acquiring exposure to assets like Bitcoin Cash, Litecoin, and the like is difficult. Yet on Monday, Grayscale Investments, a cryptocurrency asset manager based in New York, revealed that these barriers to entry are starting to fall.

Crypto Investing Giant Can Now Offer Litecoin & Bitcoin Cash to the Public

In a press release shared with NewsBTC, Grayscale said it just “received approval from FINRA” to publicly list the shares of two of its funds on OTC Markets — the Grayscale Litecoin Trust and the Grayscale Bitcoin Cash Trust.

This means that these vehicles, which were previously only accessible to accredited investors, can now be bought by retail investors with access to OTC Markets.

“With digital currency ETFs still waiting to be approved, these listings offer retail investors exposure to the price movement of Litecoin and Bitcoin Cash through regulated investment vehicles, without having to figure out how to set up wallets or convert fiat into digital currency. These are the first such crypto investment vehicles for Litecoin and Bitcoin Cash available to the public,” Grayscale wrote in its release.

The shares for the trusts, which will trade under the tickers BCHG and LTCN, are expected to begin trading “soon.”

Grayscale Closes Record Quarter

This latest news regarding Grayscale’s cryptocurrency products comes as the firm has just closed a record quarter.

The company reported in a document shared with the cryptocurrency community last week:

“Grayscale recorded its largest quarterly inflows, $905.8 million in 2Q20, nearly double the previous quarterly high of $503.7 million in 1Q20. For the first time, inflows into Grayscale products over a 6-month period crossed the $1 billion threshold.”:

As reported by NewsBTC previously, this means that the company brought in an average of $57.8 million each week.

A majority of these inflows were directed at Grayscale’s Bitcoin Trust and the firm’s other flagship product, the Ethereum Trust. Seeing the recent FINRA approval, though, Grayscale’s Bitcoin Cash and Litecoin funds could see an influx of investment.

Investors say that the influx of capital that Grayscale has registered is decisively bullish for the cryptocurrency bull case. One data analyst in the space said that Bitcoin and Ethereum have reached a point where institutional inflows are needed to take things to the “next level”:

“DeFi can rally without a ton of new money coming in, but BTC/ETH are at the point where they need real, institutional/macro fund flows to take it to the next level. But it’s hard to see ETH making a huge move with BTC range bound. Just a different level of capital needed for that.”

When that rally arrives, though, is still somewhat unknown.

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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