Grayscale seeks SEC approval to convert Bitcoin Cash, Hedera, and Litecoin Trusts into ETFs

Grayscale, a top digital asset management firm, has reportedly filed several documents with the ￰0￱ and Exchange Commission (SEC) to obtain approval for exchange-traded funds (ETFs) that would follow the performance of Bitcoin Cash, Litecoin, and ￰1￱ documents include the S-1 and S-3, among other related ￰2￱ this, the digital assets platform intends to convert its current closed-end trusts for these cryptocurrencies into ETFs that will mainly be listed on NYSE Arca or ￰3￱ to reliable sources, this is not the first time Grayscale has initiated such an ￰4￱ 2024, the digital assets platform changed its BTC and ETH trusts into exchange-traded ￰5￱ firms seek SEC’s approval for ETFs connected to altcoins Concerning Grayscale’s filings with the SEC on its Litecoin ETF, its S-3 filing document states that this prospectus assumes that the commission has either had the 19b-4 application approved or has established general listing regulations that guarantee the Trust’s shares to be among those listed on NYSE ￰6￱ follows a growing trend among crypto companies seeking approval for ETFs connected to ￰7￱ includes Dogecoin and XRP.

Meanwhile, reports from reliable sources have pointed out that earlier on Tuesday, September 9, the SEC had postponed its decision on Bitwise’s spot Dogecoin ETF and Grayscale’s spot Hedera ￰8￱ the other hand, Grayscale’s Bitcoin Cash trust has demonstrated exemplary ￰9￱ to the filing , its net asset value recorded figures exceeding $202 million with its shares priced at $4.31 each on June 30. Notably, a high-performance difference exists between a closed-end trust and an ETF. A closed-end trust can conduct trades for more or less than its net asset value; however, an ETF purchases and sells assets depending on the demand in the market. Additionally, it has an open-end structure that develops and redeems shares to maintain prices close to the net asset value.

Earlier, Grayscale filed a lawsuit against the SEC for rejecting its proposal to convert its ￰10￱ this, analysts have anticipated that this could be a significant reason behind the commission’s reaction to permit Bitcoin and Ethereum ETFs later to carry out trade in the ￰11￱ to data from reliable sources, since they started operating in the US in January 2024, spot Bitcoin ETFs have reached their highest overall trading volume, recording figures exceeding 1.2 ￰12￱ US SEC delays Bitwise’s Dogecoin ETF approval REX Shares and Osprey Funds were reportedly making arrangements to launch their Dogecoin ETF this week. However, on Tuesday, September 9, the SEC postponed their decision on Bitwise’s Dogecoin ￰13￱ a filing, the commission mentioned that their abrupt delay was to gather more time to examine whether to approve or reject a proposed rule change that could permit Bitwise to list a meme coin as an ETF ￰14￱ from Bitwise’s Dogecoin ETF facing delays recently, it is worth noting that its proposed DOGE fund was also subjected to delays back in ￰15￱ the contrary, REX Shares and Osprey Funds’ Dogecoin ETF will commence trading activities on Thursday, September 11, having adopted a completely different approach for its ￰16￱ an X post, Analyst Eric Balchunas commented on the ￰17￱ to him, the Thursday DOGE launch signifies an entry to an era of meme coin ETFs, despite being under the 40 ￰18￱ further anticipated that this would be the first-ever US ETF to hold something that does not entail practical use.

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