Wednesday, December 8, 2021
Home Crypto News Market Grayscale Adds Stellar Lumens, Zcash and Horizen Trusts

Grayscale Adds Stellar Lumens, Zcash and Horizen Trusts

- Advertisement -

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.

 

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.

 

- Advertisement -
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Ammara authored more than 1,000 stories for TheCryptoBasic, CryptoComes and other fintech media outlets. She is particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Floki Inu To Be Seen At Least 210 Million Times After Floki New Partnership With Russian Most Famous Football Club

 Floki Inu announced a partnership with the Russian most famous Football club "Spartak-Moscow." window.coinzilla_display = window.coinzilla_display ||...

Dogecoin Entered Top 5 Most Searched Google News Queries of 2021

Dogecoin (DOGE) ranked fourth in the list of the most searched Google searches worldwide in the News category in 2021. trends.embed.renderTopChartsWidget("12671d45-ca76-450b-9ced-14f27b4587b4", {"geo":"GLOBAL","guestPath":"https://trends.google.com:443/trends/embed/"}, 2021);...

New Order Announces $NEWO Token Sale Through Dutch Auction On MISO

Toronto, Canada, 8th December, 2021, New Order, a community-driven venture DAO incubator for decentralized financial (DeFi) projects, announced the public sale of its governance...

Billionaire And Former Google CEO, Eric Schmidt Becomes Chainlink Strategic Advisor

Former Google CEO and Billionaire, Eric Schmidt has joined oracle provider Chainlink Labs as a strategic advisor. ...

Shiba Inu Games Became Partners With Australian Playside Studios

Playside Studios (PLY) shares price jumped more than 4% to $0.83 after Australia’s largest publicly listed video games developer entered into a material fixed...

Visa Is Launching An Advisory Practice That Will Help Further Mainstream Adoption Of Bitcoin And Other Digital Assets

Payment giant Visa has announced the launch of a new advisory division to help clients navigate the cryptocurrencies world reported by CNBC.

10% Of Americans Plan To Give Crypto On Christmas As Gift With Bitcoin #1 Choice For Holiday Gifting

Almost every tenth citizen of the United States is ready to give cryptocurrencies as a gift for the New Year, and every fourth is...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.