Three grayscale trusts are now SEC reporting companies

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Key takeaways Grayscale announced that three more of its cryptocurrency trusts have become SEC reporting companies. These trusts are Ethereum Classic, Litecoin, and Bitcoin Cash. This development could serve as the basis for an ETF in the future. Share this article

According to a Forbes report, three of Grayscale’s cryptocurrency products have been designated as reporting companies by the SEC.

BCH, ETC and LTC gain designation

Grayscale’s Bitcoin Cash, Ethereum Classic, and Litecoin investment trusts have become SEC reporting companies.

This designation means that each fund must have its financial statements provided to the United States Securities and Exchange Commission. This complies with the Securities Exchange Act of 1934 and is similar to the requirements for publicly traded stocks.

Michael Sonnenshein, CEO of Grayscale, said investors who use the company’s products have “expressed a desire” for more of its investments to become SEC reporting companies.

He added that he believed it was “something we think they deserve” and that it will open the funds to a “wider audience of investors” used to working with companies reporting to the SEC.

Grayscale has multiple funds

Three of the other Grayscale products have already achieved this status. Its Bitcoin fund became an SEC report in January 2020 while its Ethereum fund did the same in October 2020. Grayscale’s Digital Large Cap Fund, which tracks the prices of several cryptocurrencies, also became an SEC report in July. of this year.

Grayscale currently offers 13 funds for cryptocurrencies, with over 31 more in the pipeline.

The company has also expressed its intention to convert its existing Bitcoin trust into an ETF. The appointments announced above are meant to help Grayscale achieve that goal through a stronger relationship and greater credibility with the SEC, suggests Forbes.

However, the SEC has repeatedly rejected other Bitcoin ETFs, so it doesn’t look like this will happen anytime soon.

Disclaimer: At the time of writing, this author held less than $ 75 worth of Bitcoin, Ethereum, and altcoins.

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