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FINRA approves public quotation of Ethereum Classic Investment Trust shares from Grayscale Investments
Grayscale Investments, a wholly-owned subsidiary of Digital Currency Group, has announced that it has received approval from the Financial Industry Regulatory Authority (FINRA) to place shares of Ethereum Classic Investment Trust on OTC Market's OTCQX Best Market.
Established in 2013, Grayscale Investments is a leading digital currency asset management firm. It provides investors access to the digital currency asset class through its family of single-asset investment vehicles – providing exposure to Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum Classic (ETC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Zcash (ZEC), and diversified investment products – Digital Large Cap Fund.
The Ethereum Classic Investment Trust was launched in 2017. It is a private, open-ended trust that holds Ethereum Classic (ETC) and derives its value solely from the value of such ETC. It enables investors to gain exposure to the price movement of ETC without the challenges of buying, storing, and safekeeping ETC.
According to the official release, the trust’s shares are placed under the ticker “ETCG”.
“As of April 30, 2018, each Share of the Trust represents ownership of 0.96988630 ETC. The Trust will not generate any income and regularly sells/distributes ETC to pay for its ongoing expenses. Therefore, the amount of ETC represented by each Share gradually declines over time,” Grayscale Investments said.