Grayscale Investments today announced the launch of four new Investment Trusts for Bitcoin Cash, Ethereum, Litecoin, and XRP. This comes after last month when the company decided to launch a fund based on the largest market cap cryptocurrencies.
As of February 28, 2018, Grayscale had $2.1 billion in assets under management. Prior to this launch, the company operated Trusts for Bitcoin, Ethereum Classic, and Zcash.
“We are thrilled to expand Grayscale’s offerings to meet rising investor demand,” said Michael Sonnenshein, Managing Director at Grayscale. “Our team is committed to bridging the gap between the global investment community and the digital currency asset class. We remain focused on product creation and will continue to launch more single-asset and diversified products to provide exposure where investors are looking for it.”
The investment objective of each Trust is for the shares to reflect the value of BCH, ETH, LTC, and XRP, respectively, held by each Trust, as determined by reference to the TradeBlock index for each digital asset at 4:00 p.m. New York time. Last week, TradeBlock released new indices for all of these assets.
Investors will be required to represent that they are “accredited investors” as such term is defined therein. The shares are only available for purchase through certain authorized participants engaged by Grayscale on behalf of each Trust.