News
Grayscale riding high with three new trusts and a potential ETF
OTC Markets Group, the operator of financial markets for 11,000 U.S. and global securities is currently trending in the news.
Today, we welcome three new @Grayscale products to our #OTCQX Best Market: Grayscale Stellar Lumens Trust (OTCQX: $GXLM), Grayscale Zcash Trust (OTCQX: $ZCSH), and Grayscale Horizon Trust (OTCQX: $HZEN).
Learn more about these offerings: https://t.co/j7KA8ZQ4yt
pic.twitter.com/pWmRgQ2NTo— OTC Markets Group (@OTCMarkets) October 18, 2021
Barry Silbert, the CEO of Digital Currency Group, reiterated the same development on his Twitter platform. Now as per this update, the three trusts mentioned, above will trade under the symbol “GXLM”, “HZEN,” and “ZCSH”.
Importance of this development
Grayscale’s head of legal, Craig Salm stated:
“This is an important milestone for digital currencies, and demonstrates the continued maturation of the asset class.
For the past six years, investors have leveraged Grayscale products and the OTCQX Market to gain diversified exposure to the digital currency ecosystem, and we are pleased that they will now be able to access Horizen (HZEN), Stellar Lumens (GXLM), and Zcash (ZCSH) as publicly-quoted securities in a United States market.”
Ergo, the main advantage for retail investors would be exposure to the market without going through actually buying the underlying assets.
Other developments
What’s more, Grayscale will be converting its Bitcoin Trust into a physically settled exchange-traded fund (ETF). Jennifer Rosenthal, the company’s communications director shed light
on the same in a series of tweets. She stated that Grayscale file for SEC approval as soon as there is a “clear” and “formal” indication from the regulator.Today, I’m happy to confirm that @Grayscale *WILL* file for $GBTC to be converted into an #ETF as soon as there’s a clear, formal indication from the SEC.
— Jennifer Rosenthal (@jenn_rosenthal) October 18, 2021
Rumors of Grayscale’s purported ambitions for a Bitcoin ETF began circulating last week. A CNBC report claimed that Grayscale was waiting for the first Bitcoin ETF approval.
