2020-8-18 01:51 |
Grayscale Investments LLC, the world’s largest cryptocurrency manager with over $5.2B under its management, today announced that the shares of its Litecoin Trust and Bitcoin Cash Trust will now be available for trading on over-the-counter markets.
Per an official blog post on August 17, the two crypto funds received eligibility to deposit at the Depository Trust Company (DTC). The Litecoin Trust and Bitcoin Cash Trust will now trade under the tickers LTCN and BCHG respectively after successfully completing FINRA’s verification process.
Grayscale grows its crypto funds to help risk-averse institutional investors who want to invest in crypto without having to hold the coins themselves. The firm provides private placements to its accredited customers. As of the end of last month, these accredited investors held 6,028,000 shares of BCHG and 2,500,800 shares of LTCN.
Another Groundbreaking Feat For GrayscaleThe news of Grayscale’s Litecoin Trust and Bitcoin Cash Trust products being available for public trading via OTC markets is not the only huge development for the New York-based investment firm.
Grayscale’s TV advertising campaign was a huge success. As ZyCrypto reported a few days ago, the firm launched crypto-focused ads on FOX Business, FOX, MSNBC, and CNBC.
Grayscale CEO Barry Silbert took to Twitter to share his excitement about the successful outcome of the commercial. He posited that the firm had attracted $217 million into its crypto funds in the course of last week. This was the largest amount that Grayscale has ever raised in a single week.
Thrilled to share that @Grayscale had our largest fundraising week EVER…$217 million invested into the Grayscale funds. Guess you liked the commercial! https://t.co/TiPppNQEwb
— Barry Silbert (@barrysilbert) August 14, 2020It’s also worth mentioning that Grayscale has been gobbling massive amounts of BTC in recent months. The dollar value of the BTC held in its flagship fund, the Grayscale Bitcoin Trust (GBTC), for instance, rose by approximately $1.63 billion during the first six months of this year.
For perspective, GBTC held assets worth $1.87 billion at the end of 2019 and this figure increased to $3.5 billion by the end of the second quarter of 2020. Grayscale revealed this information in a recent report filed with the Securities and Exchange Commission (SEC).
The increased inflows into GBTC clearly shows that there is exorbitant demand from institutional investors looking to get exposure to the benchmark crypto.
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