Bitcoin Cash News Today – Headlines for August 18

  • Crypto asset manager, Grayscale investments adds Litecoin and Bitcoin Cash Trust shares
  • The Litecoin and Bitcoin Cash Trust shares will be available on OTC Markets
  • Institutional, accredited and retail investors will get access to Grayscale’s LTCH and BCGG shares

Bitcoin Cash News Today – on August 17, Grayscale Investments, the crypto-asset management firm, listed shares for Bitcoin Cash and Litecoin Trusts. According to the announcement, shares of the two trusts will now be available for transactions in the OTC (Over-the-Counter) markets. They will have the ticker symbols Bitcoin Cash (BCGG) and Litecoin (LTCN). Both are institutional, accredited, and other retail investors will have access to the new BCGG and LTCH shares.

Grayscale has a whopping $5 billion worth of assets under its management as of July 2020. After completing its FINRA verification successfully, the two trusts will be eligible to deposit at the DTC (Depository Trust Company).

Institutions are Looking to Digital Assets For Potential Hedge Options

Considering that the global economy is under distress triggered by the coronavirus, institutions have started to look at digital assets for potential hedge options. Before now, the shares of such trusts were available only to institutional and accredited investors via private placement offerings. But now, these shares will be available for public trading through OTC markets. The Managing Director of Grayscale Investments, Michael Sonnenshein said:

Grayscale’s solutions come with built-in security and storage, provide tax reporting and audited financials. They are titled securities eligible for investment via tax-advantaged accounts. No wonder it is exciting to give investors the chance to access BCH and LTC directly from their brokerage account. You can also invest in their retirement account”.

This year has proven to be crucial for Grayscale Investments because its total AUM (assets under management) have just crossed $5.1 billion as of July 2020.

Grayscale Will Likely Draw More Investors After This Latest Trust Shares

Considering the global economic uncertainty, Grayscale Investments has been gathering massive sums of Bitcoin. As of the end of last year, the company held $1.7 billion in AUM. In the first six months into 2020, the company added $3.5 billion according to the SEC. Grayscale’s Bitcoin Trust (GBTC) has seen huge demand from institutional investors. Grayscale has started launching its crypto-based ads on popular news forums like FOX News and CNBC.

The CEO of Grayscale Barry Silbert also talked about the successful run of its commercials. He also remarked that the fund has drawn additional investments worth $217 million. With the new trusts, Grayscale will attract more investments moving forward. The market’s response to this latest move by Grayscale Investments is yet to be seen.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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