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Grayscale's Bitcoin Cash Trust to Become SEC Reporting Company
Grayscale is the only financial vehicle for institutional exposure in Cryptocurrency in the USA. With its GBTC (Grayscale Bitcoin Trust) fund since 2013, it purchases BTC from the crypto market, divides the BTC into shares and makes them available for sale to accredited and institutional investors.
Grayscale announced yesterday a new filing with the SEC on behalf of its BCHG (Bitcoin Cash Trust) fund.
When accepted the shares of the BCHG Trust will be registered under the Securities Act of 1933 (Securities Act) and the Securities Exchange Act of 1934 and become SEC reporting funds.
Also announced similar filing for the Litecoin and Ethereum Classic funds, as well as for is "Digital Large Cap Fund" that is a basket of cryptocurrencies including BTC, ETH, BCH, ADA, LTC, and LINK.
Grayscale founded the Bitcoin Cash Trust (BCHG) in March 2018. Grayscale shares from all of its Trusts are traded in the OTC (Over-The-Counter) Exchange: OTCQX. BCHG is the ticker Bitcoin Cash shares are trading in this exchange.
Trading for BCHG in OTCQX started in August 2020. This is trading of the shares of the underlying assets, not the actual cryptocurrencies themselves. The Cryptocurrencies remain under Grayscale's custody, unredeemable without an option to sell back to the cryptocurrency markets.
The importance for investors of BCHG becoming SEC Reporting fund means that BCHG unlocking period will be reduced from 12 to 6 months. The GBTC fund was changed to SEC reporting at the beginning of 2020. This event helped Grayscale and BTC with increased interest for the shares of its Trust.
The price of BCHG to NAV is on a substantial premium that could create arbitrage trading opportunities due to the reduced lockup period.
Grayscale offers Bitcoin Cash to institutions and wealthy investors in the US and there is a growing interest for exposure in BCH by these investors.
Increased institutional adoption of cryptocurrencies is to be expected, especially for those assets that fit the investors' demands for certain characteristics of innovation, potential, network user base, and efficiency.
Grayscale has seen huge inflows of institutional funds for BTC and Ethereum so far. Both ETHE and GBTC Trusts became SEC reporting in 2020 and this helped the fund increase sales of shares. This was also reflected with increased volumes of ETH and BTC in the spot market.
While interest for Grayscale's Bitcoin Cash Trust was on the rise at the beginning of the year, the interest faded especially after the market correction this May. This news will certainly renew the institutional interest in Bitcoin Cash and the rest of Grayscale assets (Litecoin and Ethereum Classic).