Grayscale, the biggest asset manager for digital currencies, has revealed OTC trading in three altcoin-related trusts: Zcash, Stellar Lumen, and Horizen.
The trusts started trading in the OTC market of OTCQX under the symbols ZCSH, GXLM, and HZEN.
MILESTONE: Grayscale #Zcash Trust, Grayscale #StellarLumens Trust, and Grayscale #Horizen Trust are all now trading on @OTCMarkets under their respective symbols: $ZCSH, $GXLM, and $HZEN. Read more: https://t.co/ZuKvy1odPb (1/2) pic.twitter.com/3fG34cS2bw
— Grayscale (@Grayscale) October 18, 2021
The trusts are owned by Grayscale and are designed for investors to be exposed to price movements of the underlying assets. The major advantage for investors will be exposure to the market without having to go through the acquisition, storage, and custody of the assets.
Grayscale Plans To Convert Their Bitcoin Trust Into A BTC Spot ETF As Grayscale Believes Spot ETFs Are Far Better For Investors Than Bitcoin Futures ETFs.
Digital asset manager Grayscale Investments plans to convert their Bitcoin trust to a Spot Exchange Traded Fund (ETF).
According to CNBC, a person with knowledge of the matter told that Grayscale will immediately send documents to the SEC for approval when the agency approves the first futures ETF.
Grayscale’s plans to transform the Bitcoin Trust (GBTC) into an exchange-traded fund became known back in April. At that time the company said that its products are at different stages of the life cycle, but “each of them in the future will be transformed into ETFs.”
GBTC is the largest trust managed by Grayscale. As of October 15, its volume was $38.68 billion. The total AUM is estimated to be $52.6 billion.
CNBC writes:
“Grayscale Investments plans on filing an application to convert the world’s biggest bitcoin fund into a spot ETF early next week, according to a person with knowledge of the matter.
The investment firm had intended to file its application to the Securities and Exchange Commission as soon as the agency allowed efforts by competitors for a futures-based bitcoin ETF, said the person. That happened late Friday.”
Grayscale CEO Mike Sonnenstein believes the regulator is making a mistake by approving futures funds before spot ones. He called the SEC’s position “short-sighted” and said that such a product would only harm investors.
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