Grayscale joins ETF race with filings for Bitcoin Cash, Litecoin, Hedera
Grayscale Investments, one of the world’s largest digital asset managers, has stepped up its campaign to bring exchange-traded funds (ETFs) to U.S. markets by filing new registration statements covering Bitcoin Cash (BCH), Litecoin (LTC), and Hedera (HBAR). The move underscores a growing industry trend to expand ETF access beyond Bitcoin and Ethereum, which were previously approved in the United States.
Converting trusts into ETFs
The filings submitted to the U.S. Securities and Exchange Commission (SEC) include S-1 and S-3 forms aimed at converting Grayscale’s existing closed-end trusts into open-ended ETFs. If approved, the funds will be listed on NYSE Arca, with Coinbase serving as custodian and Bank of New York Mellon as administrator. Unlike closed-end trusts—whose shares often trade at significant premiums or discounts to net asset value—ETFs allow daily share creation and redemption, keeping prices more closely aligned with underlying assets.
This step follows Grayscale’s earlier success in converting its Bitcoin and Ethereum trusts after a lengthy legal battle with the SEC. Since their launch in January 2024, U.S. spot Bitcoin ETFs have recorded trading volumes exceeding $1.2 trillion, setting a precedent for other crypto products.
Regulatory delays and uncertainty
Despite progress, the SEC remains cautious about altcoin ETFs. On September 9, the regulator delayed decisions on Grayscale’s Hedera ETF and Bitwise’s Dogecoin ETF, extending the review period until November 12.
Meanwhile, competitors such as REX Shares and Osprey Funds are moving ahead with their own Dogecoin ETFs through alternative regulatory frameworks, signaling that meme coin products may soon enter the U.S. market regardless of the SEC’s prolonged process.
Spotlight on Bitcoin Cash
Among Grayscale’s latest initiatives, the Bitcoin Cash ETF stands out as the first of its kind. According to filings, the company’s Bitcoin Cash Trust held net assets exceeding $200 million as of June 30, with shares priced at $4.31. Once listing approval is granted, the fund will be renamed the Grayscale Bitcoin Cash Trust ETF and will trade under the ticker “BCHG.”
Industry implications
Analysts argue that converting trusts into ETFs could reshape how investors access altcoins by providing more efficient, transparent, and liquid investment vehicles. However, the regulator’s caution reflects persistent concerns about market manipulation, volatility, and investor protection.
For now, Grayscale and its peers remain in a waiting position as the SEC decides whether to approve, reject, or further delay the next wave of cryptocurrency ETFs.
See also: Vietnam approves 5-year pilot for regulated crypto trading platforms
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