Crypto asset manager Grayscale announced its three new funds that have already started trading on the OTC market.
Grayscale, the largest digital currency asset manager, announced three new altcoin trusts: Zcash, Stellar Lumen and Horizen. The trusts have started trading on the market OTC (over the counter) OTCQX under the tickers ZCSH, GXLM and HZEN, respectively.
MILESTONE: Grayscale #Zcash Trust, Grayscale #StellarLumens Trust, and Grayscale #Horizen Trust are all now trading on @OTCMarkets under their respective symbols: $ ZCSH, $ GXLM, and $ HZEN. Read more: https://t.co/ZuKvy1odPb (1/2) pic.twitter.com/3fG34cS2bw
– Grayscale (@Grayscale) October 18, 2021
These are open funds sponsored by Grayscale and they are intended to allow exposure to the price movement of the underlying assets of the funds through an investment vehicle, avoiding the challenges of buying, storing and safeguarding the assets directly.
In this regard, the head of legal affairs of Grayscale, Craig Salm, stated that the new funds are part of the company’s goal to move its products from a private placement to public markets. Today, traders can use OTC markets to gain exposure to digital assets, in addition to the ability to leverage their positions. Now, they will be able to trade Horizen, Stellar and Zcash trusts.
The shares of the funds will reflect the value of the digital currency held by the trust. The new funds will not generate income for the company. To pay the fund’s expenses, the underlying assets will be redistributed to various tasks.
With these three, There are already fifteen different crypto funds that it manages Grayscale, as can be seen on their website. Of these, ZCSH, GXLM and HZEN represent the seventh, eighth and ninth investment products of Grayscale publicly traded. Grayscale Bitcoin Trust (OTCQX: GBTC), Grayscale Bitcoin Cash Trust (OTCQX: BCHG), Grayscale Ethereum Trust (OTCQX: ETHE), Grayscale Ethereum Classic Trust (OTCQX: ETCG), Grayscale Litecoin Trust (OTCQX: LTCN) and Grayscale Digital Large Cap Fund (OTCQX: GDLC) they are also publicly listed and available.
The SEC: neither for nor against
It is worth noting that the Horizen, Stellar and Zcash funds are not approved or rejected by the Securities and Exchange Commission, SEC, as they are not subject to disclosure or other requirements of US security law. These funds They are simply not registered with the SEC.
Starting October, Grayscale had announced that it was including the tokens SUN, from Solarium, and UNI, from Uniswap, to its large-cap digital fund, Digital Large Cap Fund.
Earlier, in July, it introduced its first fund focused on decentralized finance tokens. (DeFi). The new investment product is linked to a new index DeFi designed by the division of CoinDesk, TradeBlock.
According to data from CryptoMarkets, the news affected the prices of these altcoins. At 11:30 a.m. from New York, Zcash (ZEC) had an increase of more than 9.5% in the last day, while Horizen (ZEN) rose 5.82%. Nevertheless, Stellar Lumens (XLM) it has only a slight increase of 0.47%.
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