Grayscale Files Bitcoin Cash, Litecoin, and Hedera ETF Proposals

TLDR

• Grayscale has filed registration statements for Bitcoin Cash, Litecoin, and Hedera ETFs.
• The filings aim to provide investors with direct exposure to these cryptocurrencies.
• Grayscale plans to convert its Bitcoin Cash Trust and Litecoin Trust into ETFs.
• The Bitcoin Cash ETF will list on NYSE Arca with Coinbase as the prime broker.
• Grayscale has filed an S-1 form for its Hedera ETF, differing from its other crypto ETFs.

Grayscale has filed registration statements for Bitcoin Cash, Litecoin, and Hedera ETFs. These filings indicate Grayscale’s intent to offer funds providing direct exposure to these cryptocurrencies. The filings represent the first BCH ETF application, and other issuers are seeking approval for LTC and HBAR ETFs as well.

Grayscale Files Bitcoin Cash ETF Registration

Grayscale has filed an S-3 form to convert its Bitcoin Cash Trust into an ETF. The firm seeks to list the fund on NYSE Arca, with the Bank of New York Mellon serving as the Trust’s administrator. Coinbase will act as the prime broker, while its custody arm will take on the role of the custodian.

The filing adheres to the proposed Generic Listing Standards. However, the SEC has yet to approve these standards. The asset manager remains confident that the Bitcoin Cash ETF will qualify for trading on NYSE Arca once the SEC adopts the Listing Standards.

Grayscale’s filing is part of a larger strategy that mirrors its recent Chainlink ETF filing. The company continues to wait for SEC approval of the Generic Listing Standards, which it believes will pave the way for multiple crypto ETFs. In the meantime, Grayscale refrains from filing a 19b-4 application for these funds.

SEC Decision Pending for Grayscale’s Hedera ETF

Similarly, Grayscale has filed an S-3 form to convert its Litecoin Trust into an ETF. The firm plans to list the Litecoin ETF on NYSE Arca, provided the SEC approves the Generic Listing Standards. Like the Bitcoin Cash ETF, Grayscale will seek approval based on these pending standards.

Grayscale’s move signals growing interest in spot exposure to Litecoin through an ETF structure. It hopes to provide investors with a more regulated investment option. The asset manager believes that, with the SEC’s approval, this fund will be a key addition to the expanding range of crypto ETFs.

Litecoin ETF filing also aligns with its recent Chainlink filing, showcasing the company’s consistent approach to crypto assets. Grayscale intends to wait for the SEC’s decision on the Generic Listing Standards rather than pursuing alternative approval routes.

Grayscale has also filed an S-1 form for its Hedera ETF. Unlike the Bitcoin Cash and Litecoin filings, the company does not have a closed-end fund for Hedera. As a result, Grayscale filed an S-1, which is a distinct filing type from the S-3 used for other crypto ETFs.

Nasdaq has already filed a 19b-4 application for the Hedera ETF, allowing it to potentially list and trade shares. Grayscale’s ETF filing remains under review, with the SEC postponing its decision on the proposed rule change. The SEC must decide by November 12, although the deadline for Canary’s Hedera ETF is November 8.

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