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The largest digital asset manager – Grayscale Investments – announced that Bitcoin Cash Trust, Ethereum Classic Trust and Litecoin Trust have become SEC reporting products. Thus, the total number grew to six.
- Speaking to Forbes, Grayscale CEO Michael Sonnenchin noted that the company’s portfolio of funds reporting to the Securities and Exchange Commission has doubled.
- He identified these funds as Grayscale Bitcoin Cash Trust (BCHG), Grayscale Ethereum Classic Trust (ETCG), and Grayscale Litecoin Trust (LTCN).
- Having to file a report with the country’s securities regulator means that these products will need to provide the authority with regular financial statements and disclosures.
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“This is something that investors have not only expressed a desire for, but it is something we feel they deserve.” – Sonnenshein commented. The creation of SEC reporting companies has “opened up Grayscale to a wider audience of investors who are used to seeing it [type of reporting] when they think about making investments.”
- The closing period for investments in the above funds has been reduced from 12 to 6 months. The same transition occurred when the first three Grayscale trusts became SEC reporting entities. They are Bitcoin Trust, Ethereum Trust, and Digital Large Cap Fund.
- Grayscale’s managed assets have grown exponentially in the past few years. As of yesterday, Quantity $43 billion, with GBTC owning more than $30 billion.
- It is worth noting that the company is striving to transfer its largest credit to an exchange-traded fund to track the performance of the underlying cryptocurrency. The latest push on the matter came a few months ago when I appointed a new global head of ETFs.
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