Grayscale presented three new altcoin trusts: Zcash, Stellar Lumen, and Horizen for private investors
Following the announcement of a physically-backed Bitcoin ETF, as AZCoin News reported, Grayscale has announced three new altcoin trusts: Zcash (ZEC), Stellar Lumen (XLM), and Horizen (HZEN). The trusts have begun trading on the OTC market OTCQX under 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
Grayscale is riding high with three new trusts and a potential ETF
OTC Markets Group, the operator of financial markets for 11,000 U.S. and global securities, is currently trending in the news.
Source: OTC Markets Group/Twitter
The new trusts presented are funded by Grayscale and are designed to introduce investors to the price movements of the underlying assets. The main advantage for retail investors will be exposed to the market without going through the buying, storing, and holding of the underlying assets.
“This is an important milestone for digital currencies and demonstrates the continued maturation of the asset class. For the past six years, investors have leveraged Grayscale products and the OTCQX Market to gain diversified exposure to the digital currency ecosystem, and we are pleased that they will now be able to access Horizen (HZEN), Stellar Lumens (GXLM), and Zcash (ZCSH) as publicly-quoted securities in a United States market”, Grayscale’s head of legal, Craig Salm stated.
The trust’s shares will reflect the value of the digital currency held by the trust. New trusts will not generate income for the company. To pay the fund’s expenses, the underlying assets will be redistributed to different missions. The biggest advantage for retail investors will be exposed to the market without actually buying the underlying assets.
— Jennifer Rosenthal (@jenn_rosenthal) October 18, 2021
Jennifer Rosenthal, the company’s director of communications, said that the Grayscale file for SEC approval immediately follows clear and formal indication from the regulator.
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