Additional Grayscale® Investment Products Become SEC Reporting Companies
The Trusts join the firms existing lineup of investment products that are SEC reporting companies: Grayscale Bitcoin Cash Trust , Grayscale Ethereum Classic Trust , Grayscale Litecoin Trust , Grayscale Bitcoin Trust , Grayscale Ethereum Trust , and Grayscale Digital Large Cap Fund .
NEW YORK, July 05, 2022 (GLOBE NEWSWIRE) -- Grayscale Investments®, the world’s largest digital currency asset manager and sponsor of Grayscale® Horizen Trust (OTCQX: HZEN), Grayscale® Stellar Lumens Trust (OTCQX: GXLM), and Grayscale® Zcash Trust (OTCQX: ZCSH) (the Trusts), today announced that the Registration Statements on Form 10 that it filed with the Securities and Exchange Commission (SEC) on behalf of each Trust have become effective. The Trusts join the firm’s existing lineup of investment products that are SEC reporting companies: Grayscale® Bitcoin Cash Trust, Grayscale® Ethereum Classic Trust, Grayscale® Litecoin Trust, Grayscale® Bitcoin Trust, Grayscale® Ethereum Trust, and Grayscale® Digital Large Cap Fund. With these new additions, nine of Grayscale’s digital currency investment products are now SEC reporting companies.
The Trusts* will now file periodic reports and financial statements, including 10-Qs and 10-Ks, with the SEC, along with current reports on Form 8-K, in addition to being subject to all other obligations under the Securities Exchange Act of 1934, as amended (Exchange Act).
Additionally, accredited investors who purchased shares in the Trusts’ private placements will have an earlier liquidity opportunity, as the holding period of private placement shares will be reduced from 12 months to 6 months under Rule 144 of the Securities Act of 1933, as amended (Securities Act).**
Pursuant to the Registration Statements on Form 10, each Trust’s shares are now registered under Section 12(g) of the Exchange Act.***
*Each product offers a private placement to accredited investors. To date, no product has met its investment objective and the shares quoted on OTCQX have not reflected the value of digital assets held by the product, less the product’s expenses and other liabilities, but instead have traded at both premiums and discounts to such value, with variations that have at times been substantial.
**The holding period reduction goes into effect after the applicable product has been a reporting company for at least 90 days and has satisfied the other requirements under Rule 144 of the Securities Act.
***This voluntary filing should not be confused as an effort to classify the applicable product as an exchange traded fund (ETF). The structure of the applicable product will not change and it will continue to not operate a redemption program nor trade on a national securities exchange.
This press release is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal, nor shall there be any sale of any security in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
About Grayscale Investments®
Grayscale enables investors to access the digital economy through a family of secure, regulated, and future-forward investment products. Founded in 2013, Grayscale has a proven track record and deep expertise as the world’s largest digital currency asset manager. Investors, advisors, and allocators turn to Grayscale’s private placements, public quotations, and ETFs for single asset, diversified, and thematic exposure. Grayscale products are distributed by Genesis Global Trading, Inc. (Member FINRA/SIPC, MSRB Registered) or Foreside Fund Services, LLC. For more information, please follow @Grayscale or visit grayscale.com.
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