Grayscale, an American digital assets giant, has obtained approval from the US Securities and Exchange Commission (SEC) to become the reporting compnay to the SEC for its Digital Large Cap Fund. It is composed of multiple cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Bitcoin Cash (BCH), and Litecoin (LTC).
The manager of the world’s largest digital assets has announced that it has received the SEC approval today. Before this, SEC approval was given only to the trust funds of Bitcoin and Ethereum. On OTC markets (OTCMKTS), the stock ticker for the trust’s shares is GDLC.
After becoming the SEC-reporting company for its Digital Large Cap Fund, the lock-up period of the trust’s shares will get reduced from 12-months to 6-months. From now on, the trust would have to file quarterly and annual disclosures through Form 10-K and Form 10-Q. This regulatory approval from the US SEC will improve Digital Large Cap Fund’s marketability among institutional investors, who are worried about legal risks associated with cryptos and related funds.
Grayscale has also reportedly filed 3 additional Registration Statements for the same SEC approval for the 3 independent trusts of Litecoin, Ethereum Classic, and Bitcoin Cash. The firm has also expanded to other cryptos after Grayscale GBTC Trust Fund’s success. Two newest additions to the list of tokens for new trust funds are Polygon (MATIC) and Solana (SOL).
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