On Friday, Grayscale Investments, the world’s largest digital currency asset manager in terms of assets under management (AUM), revealed that three trusts have been filed with the Securities and Exchange Commission (SEC) to become SEC reporting companies. The three trusts include individual crypto asset products such as the bitcoin cash trust, the litecoin trust, and the classic ethereum trust, which will join three other Grayscale trusts that are already SEC reporting companies.
Grayscale’s BCH, LTC and ETC Trusts to Join Three Other Products as SEC Reporting Companies
Grayscale Investments detailed that three individual crypto trusts are advancing through the growth cycle of their products. The company announced on Friday that Bitcoin Cash Trust (OTCQX: BCHG), Litecoin Trust (OTCQX: LTCN) and Ethereum Classic Trust (OTCQX: ETCG) have been registered with the SEC in a new filing. Registering Form 10 will effectively convert trusts to SEC reporting companies, and eventually Grayscale expects those trusts to become exchange-traded funds (ETFs).
The digital currency asset manager said the trusts’ “product development pipeline” was described in a Grayscale blog post last April. The blog post, titled “Grayscale’s Intentions for a Bitcoin ETF”, deals primarily with the trust of the bitcoin-based company (BTC), but the company further claims that the company “will ultimately convert every product into an ETF in digital currency “.
Grayscale ordering six crypto trusts with SEC reporting status is a milestone, according to Craig Salm, vice president of legal operations at Grayscale Investments. “This milestone reflects Grayscale’s continued commitment to offer transparent investment vehicles that voluntarily exceed standard reporting requirements, meet an increased level of disclosure and are subject to additional regulatory oversight,” Salm said in a statement. sent to Bitcoin.com News.
“Pending regulatory approval of a Bitcoin ETF, we remain focused on providing opportunities for investors to access the digital currency ecosystem through Grayscale’s family of secure and reliable products,” a- he added.
Highly Anticipated SEC Decision Regarding Bitcoin ETF
As SEC reporting companies, LTC, BCH, and ETC Trusts will be required to file additional reports and provide more financial statements. Trusts must follow all the rules of the US Exchange Act (SEA) and file a Form 8-K.
The three trusts that have previously achieved SEC reporting status include Grayscale’s Bitcoin Trust, Ethereum Trust, and the Digital Large Cap Fund. Grayscale products are managed by Genesis Global Trading, Inc., registered with MSRB and a member of FINRA / SIPC.
At the time of writing, Grayscale Investments is also waiting to see whether the US regulator will approve the company’s bitcoin (BTC) ETF deposit. Additionally, Grayscale is one of a dozen prospects trying to gain SEC approval for a Bitcoin exchange-traded fund.
What do you think of Grayscale announcing LTC, BCH and ETC trusts to become SEC reporting companies and aim to be ETFs in the end? Let us know what you think of this topic in the comments section below.
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