11-22-2024
BSV
$67.73
Vol 157.61m
-10.66%
BTC
$98662
Vol 115121.18m
1.27%
BCH
$488.14
Vol 1390.84m
-5.39%
LTC
$90.19
Vol 1175.71m
-0.13%
DOGE
$0.39
Vol 10109m
1.69%
Getting your Trinity Audio player ready...

New York-based Grayscale has revealed in a press release that shares of its Digital Large Cap Fund (DLC) have received the green light from FINRA for public quotation on over-the-counter markets. The shares will trade under the symbol GDLCF and will be the first publicly-quoted security in the U.S. that derives its value from a selection of digital currencies.

The DLC fund gives investors exposure to the price movement of a diverse set of large-cap digital currencies, according to Grayscale, allowing them to avoid the hassles that can come with the buying, storing and safekeeping of cryptos directly.

While it’s only getting FINRA approval for public quotation now, the fund has been available privately to accredited investors since February 2018. Investors who acquired the shares during the private placement will have to wait for the statutory one-year period before they can sell their shares on the public market.

In more good news, Grayscale revealed that it recorded the best quarter yet since it was founded in 2013. The firm brought in $254.9 million in Q3, a record for a quarter. Inflows for the year now stand at $412 million, with the total assets under management for the firm standing at a whopping $2 billion.

In an episode of The Scoop podcast, Grayscale’s managing director Michael Sonnenshein shared, “I actually think that we had a day where we raise over $75 million in a single day — which was the largest inflow we ever had in a single day.”

Sonnenshein believes the rapid growth in their inflows owes largely to the firm’s #DropGold campaign. The campaign, which ruffled quite a few feathers in Wall Street, called on investors to ditch gold and turn to crypto.

Sonnenshein further dismissed the notion that institutional investors have stayed away from crypto, revealing that his team barely finds enough time to address all the interested investors. “What’s been interesting to see is that even though we only give ourselves two or three days in a given place we’re actually so busy we’re either have to divide and conquer as a team to make sure we see everyone or in a lot of instances we’re actually turning down meetings…”

Recommended for you

Nigeria Civil Aviation Authority integrates blockchain
The Nigeria Civil Aviation Authority says the new blockchain-powered portal will boost passenger identity management, luggage tracking, and overall convenience.
November 22, 2024
Upbit’s license renewal in limbo; Hong Kong tightens VASP rules
South Korea is uncertain whether Upbit will have its license renewed due to possible KYC breaches; elsewhere, Hong Kong advises...
November 22, 2024
Advertisement
Advertisement
Advertisement