Grayscale starts offering Litecoin and Bitcoin Cash for all investors that lack the ability to deal with opening an account for an exchange and to acquire exposure to assets such as these two. Grayscale Investments is based in New York and now revealed the barriers to entry are falling down, so let’s read more in the upcoming Bitcoin Cash news.
In the latest press release, Grayscale said they just got the approval from FINRA to list the shares of two of the funds on OTC Markets- The Grayscale Bitcoin Cash Trust and the Grayscale Litecoin Trust. This means that these two were previously accessible to accredited investors and now they can be purchased by retail investors with access to OTC markets. Grayscale wrote in the press release:
“With digital currency ETFs still waiting to be approved, these listings offer retail investors exposure to the price movement of Litecoin and Bitcoin Cash through regulated investment vehicles, without having to figure out how to set up wallets or convert fiat into digital currency. These are the first such crypto investment vehicles for Litecoin and Bitcoin Cash available to the public.”
The shares for the trust will trade under the LTCN and BCHG tickers and are expected to be trading soon. As Grayscale starts offering LTC and BCH services, the decision seems to have come after the company just closed a record quarter. The company reported in a document shared with the cryptocurrency community:
“Grayscale recorded its largest quarterly inflows, $905.8 million in 2Q20, nearly double the previous quarterly high of $503.7 million in 1Q20. For the first time, inflows into Grayscale products over a 6-month period crossed the $1 billion threshold.”
This means that the company purchased an average of $57.8 million each week and most of these inflows were directed at Grayscale’s Bitcoin Trust and the company’s other flagship product which is the Ethereum Trust. Looking at the latest FINRA approval the Bitcoin Cash and Litecoin funds could see a lot of investment influx. Investors believe that this influx of capital that Grayscale registered a bullish case and one data analyst in the space said that Bitcoin and Ethereum reached a point where institutional inflows are needed to take everything to the next level:
“DeFi can rally without a ton of new money coming in, but BTC/ETH are at the point where they need real, institutional/macro fund flows to take it to the next level. But it’s hard to see ETH making a huge move with BTC range bound. Just a different level of capital needed for that.”
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