One of the world’s largest digital currency asset managers, Grayscale Investments, has announced it received a permission from FINRA to offer bitcoin cash (under the BCHG ticker) and litecoin (under the LTCN ticker) on public over-the-counter (OTC) markets as shares deriving value from bitcoin cash (BCH) and litecoin (LTC).
According to an official press release, with the help of both Grayscale Bitcoin Cash Trust and Grayscale Litecoin Trust, the well-known asset manager plans to avoid the challenges of buying, storing, and hodling digital BCH or LTC directly.
This is the first time, investors can gain exposure to BCH or LTC as a publicly-quoted security on a US market, Grayscale Investments says.
It is expected that the new crypto-focused stocks will be available to the public within the next four weeks.
As of June 30, 2020, there were 2,725,300 Shares outstanding of Grayscale Bitcoin Cash Trust and each share represented ownership of 0.00943312 BCH. At the same time, there were also 509,400 shares outstanding of Grayscale Litecoin Trust, represented ownership of 0.09433120 LTC, respectively.
In May, Grayscale Investments doubled its investments in bitcoin, resulting in Grayscale buying more BTCs than the miners had mined.
According to researcher Kevin Rooke, the company bought 18,910 BTCs since the May 11 halving. During this period, miners managed to mine over 12,000 bitcoins.
Over 25% of institutional investors (pension funds, family offices, investment advisers, etc.) own cryptocurrencies in the US, which is up from 22% about a year ago.
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