New York, March 17, 2021 (GLOBE NEWSWIRE) — Grayscale Investments®, the world’s largest digital currency asset manager, today announced the launch of five new digital currency investment trusts, bringing its total number of investment products to 14.
The new trusts are:
“Digital currencies have reached an inflection point. Investor demand has never been higher, and every day we’re seeing new entrants to what has surely become a bona fide asset class,” said Grayscale CEO Michael Sonnenshein. “Grayscale has long been the leader in creating novel pathways for investors to access the opportunities that digital currencies may offer, and this announcement carries on that tradition. We look forward to working with our global investor base, our growing team, and regulators to continue to move this industry forward.”
The new trusts are now open for daily subscription by eligible individual and institutional accredited investors.
The trusts function the same as Grayscale’s other single-asset investment trusts. Each of the trusts are among the first investment products solely invested in the digital currencies underpinning Basic Attention Token (BAT), Chainlink (LINK), Decentraland (MANA), Filecoin (FIL), and Livepeer (LPT).
Grayscale’s other single-asset investment products provide exposure to Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Horizen (ZEN), Litecoin (LTC), Stellar Lumens (XLM), and Zcash (ZEC). Additionally, Grayscale’s diversified investment product, Grayscale® Digital Large Cap Fund, provides exposure to the top digital currencies by market capitalization.
Grayscale’s investment products are available to institutional and individual accredited investors through their respective periodic and ongoing private placements.
Certain Grayscale products are publicly-traded on OTC Markets, including OTCQX® 1. Shares of these products that have become unrestricted in accordance with the rules and regulations of the SEC and may be bought and sold throughout the day via any brokerage account. These products include:
Grayscale® Bitcoin Trust (OTCQX: GBTC)
Grayscale® Bitcoin Cash Trust (OTCQX: BCHG)
Grayscale® Ethereum Trust (OTCQX: ETHE)
Grayscale® Ethereum Classic Trust (OTCQX: ETCG)
Grayscale® Litecoin Trust (OTCQX: LTCN)
Grayscale® Digital Large Cap Fund (OTCQX: GDLC)
As is the case for these products, Grayscale intends to attempt to have Shares of new products quoted on a secondary market as well. However there is no guarantee that we will be successful. Although the shares of certain products have been approved for trading on a secondary market, investors in the new products should not assume that the Shares will ever obtain such an approval due to a variety of factors, including questions regulators such as the SEC, FINRA or other regulatory bodies may have regarding such products. As a result, shareholders of such products should be prepared to bear the risk of investment in the Shares indefinitely.
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.
1Each product offers a private placement to accredited investors. The investment objective of each product is for its Shares (based on digital assets per Share) to reflect the value of digital assets held by such product, determined by reference to the applicable TradeBlock index price or reference rate, less such product’s expenses and other liabilities.
To date, certain products have not met their investment objective and the Shares of such products quoted on OTCQX have not reflected the value of the digital assets held by such products, less such products’ expenses and other liabilities, but have instead traded at a premium over such value, which at times has been substantial. Recently, there have also been limited instances where the Shares of certain products have traded at a discount.
About Grayscale Investments® Grayscale Investments is the world’s largest digital currency asset manager, with more than $42.9B in assets under management as of March 16, 2021. Through its family of investment products, Grayscale provides access and exposure to the digital currency asset class in the form of a traditional security without the challenges of buying, storing, and safekeeping digital currencies directly. With a proven track record and unrivaled experience, Grayscale’s products operate within existing regulatory frameworks, creating secure and compliant exposure for investors. Grayscale products are distributed by Genesis Global Trading, Inc. (Member FINRA/SIPC, MSRB Registered). For more information, please visit grayscale.co and follow @Grayscale.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets climbed to their best week of the year.
“It’s been almost a complete opposite or retracement of what we saw last week,” said Philip Petursson, chief investment strategist at IG Wealth Management.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
While last week saw a “healthy” pullback on weaker economic data, this week investors appeared to be buying the dip and hoping the central bank “comes to the rescue,” said Petursson.
Next week, the U.S. Federal Reserve is widely expected to cut its key interest rate for the first time in several years after it significantly hiked it to fight inflation.
But the magnitude of that first cut has been the subject of debate, and the market appears split on whether the cut will be a quarter of a percentage point or a larger half-point reduction.
Petursson thinks it’s clear the smaller cut is coming. Economic data recently hasn’t been great, but it hasn’t been that bad either, he said — and inflation may have come down significantly, but it’s not defeated just yet.
“I think they’re going to be very steady,” he said, with one small cut at each of their three decisions scheduled for the rest of 2024, and more into 2025.
“I don’t think there’s a sense of urgency on the part of the Fed that they have to do something immediately.
A larger cut could also send the wrong message to the markets, added Petursson: that the Fed made a mistake in waiting this long to cut, or that it’s seeing concerning signs in the economy.
It would also be “counter to what they’ve signaled,” he said.
More important than the cut — other than the new tone it sets — will be what Fed chair Jerome Powell has to say, according to Petursson.
“That’s going to be more important than the size of the cut itself,” he said.
In Canada, where the central bank has already cut three times, Petursson expects two more before the year is through.
“Here, the labour situation is worse than what we see in the United States,” he said.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
— With files from The Associated Press
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.