Institutional investment cryptocurrency company, Grayscale, has been at the forefront of providing alternatives to directly buying into the crypto space. This has gained a lot of popularity among traditional investors who want to bypass the volatility of this space.
The company has been offering several crypto products for OTC trading, the latest being shares of Grayscale Investments’ Bitcoin Cash and Litecoin trusts for trading on OTC Markets.
The company has been previously offering shares for Bitcoin (BTC), Ethereum (ETH), and Ethereum Classic (ETC). Bitcoin Cash and Litecoin are the company’s fifth and sixth publicly-quoted cryptocurrency products.
Horizen (ZEN), Stellar Lumens (XLM), XRP, and Zcash (ZEC), are also offered for trading via a trust at the firm.
Per a July 20 announcement, the Financial Industry Regulatory Authority (FNRA), has now approved shares of the company’s Bitcoin Cash Trust and Litecoin Trust, for public trading. This also marks the first publicly-quoted securities in the U.S. deriving value from Bitcoin Cash (BCH) and Litecoin (LTC).
Both the stocks will be available on OTC markets with the symbols BCHG and LTCN.
While public trading of both the digital assets are subject to full compatibility with the Depository Trust Company (DTC), the world’s largest securities depository, the firm stated:
“There will be no trading volume in the shares’ public quotations until the respective shares are DTC eligible, which BCHG and LTCN are expected to receive soon.”
As of June 30th, the company has reported 2,725,300 Shares outstanding of Grayscale Bitcoin Cash Trust, with each share worth 0.00943312 ($2.16) Bitcoin Cash. 509,400 shares were outstanding for the Litecoin trust with each worth 0.09433120 ($4.11) Litecoin.
As of now, BCH and LTC are trading at $228.86 and $43.42, with both up 1.2% and 2% respectively on the daily. It is yet to be seen if the news cashes in the market.
A record-breaking 2020
Grayscale has seen a massive drive in institutional interest in trading crypto products. The firm has had two consecutive record-breaking quarters in 2020.
The investment firm raised a whopping $503.7 million in the first quarter of 2020, followed by a record-breaking $906 million raised with its cryptocurrency products in Q2. In total, the firm raised over $1.4 billion in the first half of 2020.
The total assets under Grayscale’s management have more than doubled this year, surpassing $4 billion.