Grayscale seeks SEC approval to convert BCH, LTC into ETFs and launch a new HBAR ETF.
- Grayscale files for BCH, LTC, HBAR ETFs with SEC.
- Coinbase, BNY Mellon involved in funds management.
- Impact on altcoin ETF ecosystem likely significant.
Grayscale Investments has filed with the SEC to convert its Bitcoin Cash and Litecoin Trusts into ETFs, alongside an S-1 filing for a new Hedera ETF.
These filings highlight Grayscale’s continued push for broader crypto ETF availability, potentially impacting altcoin market dynamics amid regulatory scrutiny.
Grayscale Enlists BNY Mellon and Coinbase
Grayscale Investments, a leading asset manager, is behind the recent ETF filings for Bitcoin Cash, Litecoin, and Hedera. These actions aim to convert existing trusts into spot ETFs, with a plan to list on NYSE Arca pending approval.
Key players involved include Bank of New York Mellon as the fund administrator and Coinbase, which will serve as the custodian for the assets. This marks a strategic effort by Grayscale to expand their ETF offerings amidst growing market demand.
Altcoin ETFs Set to Influence Market Dynamics
The proposed ETFs are expected to influence the altcoin market, potentially increasing visibility and accessibility for Bitcoin Cash, Litecoin, and Hedera. The involvement of notable institutions like Coinbase suggests significant confidence in these assets, highlighting the industry’s maturation.
Further regulatory scrutiny by the SEC is anticipated, with past delays noted for non-BTC/ETH asset filings. The ETF proposal underscores a push towards mainstream acceptance and regulation of digital assets.
“Grayscale’s move to file for Bitcoin Cash and Litecoin Trust conversions, along with a new Hedera ETF, indicates their commitment to expanding the crypto ETF ecosystem.”
Historical Approval Trends by SEC
Previous Grayscale filings, such as the conversion of Bitcoin and Ethereum Trusts, have set precedents for regulatory approval. The market might witness a similar path for the current filings if the SEC provides the green light.
Should these ETFs gain approval, historical trends suggest a positive market reaction and potential liquidity boost for the involved assets, given past experiences with similar products.
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