The operator of financial markets for 11,000 US and global securities, OTC Markets Group, is currently trending in the news.
Today, we welcome three new @Grayscale products to our #OTCQX Best Market: Grayscale Stellar Lumens Trust (OTCQX: $GXLM), Grayscale Zcash Trust (OTCQX: $ZCSH), and Grayscale Horizon Trust (OTCQX: $HZEN).
— OTC Markets Group (@OTCMarkets) October 18, 2021
The CEO of Digital Currency Group, Barry Silbert, reiterated the same development on his Twitter platform. The three trusts mentioned above will now trade under the symbols “GXLM,” “HZEN,” and “ZCSH,” according to this update.
The significance of this development
Craig Salm, Grayscale’s head of legal, stated:
“This is a significant milestone for digital currencies, demonstrating the asset class’s continued maturation.”
Investors have used Grayscale products and the OTCQX Market for the past six years 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 US market.”
As a result, the main benefit for retail investors would be exposure to the market without having to purchase the underlying assets.
Other noteworthy developments
Grayscale will also transform its Bitcoin Trust into a physically settled exchange-traded fund (ETF). Jennifer Rosenthal, the company’s communications director, addressed the issue in a series of tweets. She stated that Grayscale will file for SEC approval as soon as the regulator provides a “clear” and “formal” indication.
— Jennifer Rosenthal (@jenn_rosenthal) October 18, 2021
Rumors about Grayscale’s alleged plans for a Bitcoin ETF began to circulate last week. Grayscale was anticipating the approval of the first Bitcoin ETF.