On Friday, Grayscale Investments, the world’s largest digital currency asset manager in terms of assets under management (AUM), announced that three trusts had been filed with the Securities and Exchange Commission (SEC) to become SEC filers. The three trusts include individual crypto asset products such as the Bitcoin Cash Trust, the Litecoin Trust and the Ethereum Classic Trust, which will join three other Grayscale trusts that are already SEC filers.
Grayscale’s BCH, LTC, ETC trust in three other products to join as SEC reporters
Grayscale Investments detailed that three individual crypto trusts are driving their product growth cycle. The company announced on Friday that the Bitcoin Cash Trust (OTCQX: BCHG), Litecoin Trust (OTCQX: LTCN), and the Ethereum Classic Trust (OTCQX: ETCG) have been registered in a new filing with the SEC. Form 10 registration will effectively convert the trusts into SEC filing companies, and Grayscale hopes these trusts will eventually become Exchange Traded Funds (ETFs).
The digital currency asset manager said the trust’s “product development pipeline” was described in a Grayscale blog post published last April. The blog post titled “Grayscale’s Intentions for a Bitcoin ETF” primarily discusses the company’s Bitcoin (BTC) -based trust, but the company goes on to say that the company “will ultimately convert any product into a digital currency ETF” .
Grayscale, which commands six SEC-filing crypto trusts, is a milestone, according to Craig Salm, vice president of legal operations at Grayscale Investments. “This milestone reflects Grayscale’s continued commitment to offering transparent investment vehicles that voluntarily exceed standard reporting requirements, meet an increased level of disclosure and are subject to additional regulatory oversight,” said Salm in a statement sent to Bitcoin.com News.
“While we await regulatory approval for a Bitcoin ETF, we will continue to focus on providing investors with access to the digital currency ecosystem through Grayscale’s secure, trusted family of products,” he added.
Highly anticipated SEC decision on Bitcoin ETF
As SEC reporting firms, the LTC, BCH, and ETC trusts are required to file additional reports and provide more financial reports. The trusts must follow all rules of the US Exchange Act (SEA) and submit a Form 8-K.
The three trusts previously granted SEC reporting status include Grayscale’s Bitcoin Trust, the Ethereum Trust, and the Digital Large Cap Fund. Grayscale products are sold by MSRB registered and FINRA / SIPC member Genesis Global Trading, Inc.
At the time of writing, Grayscale Investments is also waiting to see if the U.S. regulator approves the company’s ETF filing for Bitcoin (BTC). Additionally, Grayscale is among a dozen prospects trying to get SEC approval for an exchange-traded bitcoin fund.
What do you think of Grayscale’s announcement that LTC, BCH, and ETC trusts will become SEC reporting firms and end up wanting to be ETFs? Let us know what you think on this matter in the comments below.
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