FINRA Approves Public Quotation Of Grayscale’s Ethereum Classic Investment Trust Shares

Announcements, News | May 7, 2018 By:

Asset manager Grayscale Investments has received permission from the Financial Industry Regulatory Authority (FINRA) to place shares of Ethereum Classic Investment Trust on OTC Market’s OTCQX Best Market.

Grayscale Investments, a wholly-owned subsidiary of Digital Currency Group, is a digital currency investing firm. It manages the Bitcoin Investment Trust (GBTC), which provides titled, auditable bitcoin exposure through a traditional investment vehicle. GBTC shares are the first publicly quoted securities solely invested in, and deriving value from, the price of bitcoin. As of February 28, 2018, Grayscale had $2.1 billion in assets under management.

Launched in 2017, the Ethereum Classic Investment Trust is a private, open-ended trust that holds ETC. As such, it derives its value entirely from the value of the ETC it holds. The Trust enables investors to gain exposure to the price movement of ETC without the challenges of buying, storing, and safekeeping the cryptocurrency.

“As of April 30, 2018, each Share of the Trust represents ownership of 0.96988630 ETC,” Grayscale Investments said. “The Trust will not generate any income and regularly sells/distributes ETC to pay for its ongoing expenses. Therefore, the amount of ETC represented by each share gradually declines over time.”

In February, Grayscale introduced its first diversified investment vehicle, Digital Large Cap Fund, which provides exposure to the top cryptocurrencies by market capitalization. The fund aims to give accredited investors a way to explore cryptocurrencies.

In March, Grayscale launched four new investment trusts for ethereum, Litecoin, Ripple, and Bitcoin Cash. The investment objective of each trust is for the shares to reflect the value of the cryptocurrencies held by each trust, as determined by reference to the TradeBlock index for each digital asset at 4:00 p.m. New York time.