Grayscale launches crypto trusts for BAT, LINK, Decentaland, Livepeer, and Filecoin, adding five cryptocurrencies to its list so let’s read more in our latest altcoin news today.
Digital asset investment giant Grayscale launches crypto trusts for five cryptocurrencies as the CEO Michael Sonnenshein outlined:
“Digital currencies have reached an inflection point. Investor demand has never been higher, and every day we’re seeing new entrants to what has surely become a bona fide asset class.”
According to the release, the new trusts are now open for subscription and for eligible individual and institutional accredited investors and now the company will have 14 different cryptocurrency trusts overall, including its flagship GBTC as Sonnenshein added:
“We look forward to working with our global investor base, our growing team, and regulators to continue to move this industry forward.”
ANNOUNCEMENT: 5 new products have been added to the @Grayscale line up!
Basic Attention Token $BAT
Interested? https://t.co/YfK2YUKgCj pic.twitter.com/jLqDph4MEH
— Michael Sonnenshein (@Sonnenshein) March 17, 2021
Grayscale plans to have shares of the new products quoted on the secondary markets as well but there’s still no guarantee that it will be successful. According to the release, various factors including “questions regulators like SEC, FINRA or other regulatory bodies could have regarding these products” could prevent them from entering the secondary markets.
As recently reported, Grayscale’s BTC trust trades at a discount compared to its otherwise high premiums as the data from multiple sources shows. The product allows institutional and accredited investors to bet on the Bitcoin prices and to hold a small amount of BTC per share which are then traded on the open market or can be found on a subscription basis. The premium is charged to investors for the convenience and the security provided by the storing and custodian services of Grayscale compared to the ones of the unregulated exchanges.
Crypto fund manager Grayscale purchased 80% of the mined LTC for February according to the data from ByBt. The investment fund holds over 1.44 million LTC and made it the company’s third-largest crypto holding after Ethereum and Bitcoin. The company is one of the very few services in the US that allows accredited and institutional investors to purchase cryptocurrencies and offers nine crypto trusts which are available both as the tradeable share and subscription on the OTC market. while the Grayscale Bitcoin Trust is bringing in the biggest capital from investors, LTC is trying to attract its own following.
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