Grayscale Files for Crypto ETFs Tracking Hedera, Litecoin, and Bitcoin Cash
Grayscale files crypto ETFs tracking Hedera, Litecoin, and Bitcoin Cash, awaiting SEC approval amid growing interest in crypto investment products.
Grayscale has officially filed new registration statements with the U.S. Securities and Exchange Commission (SEC) to launch three new cryptocurrency exchange-traded funds (ETFs). These include an S-1 filing for a Hedera (HBAR) ETF and separate S-3 filings for Litecoin (LTC) and Bitcoin Cash (BCH) ETFs. Although these filings are public, they are not yet approved and remain subject to further SEC review and possible amendment.
Grayscale Awaits SEC Approval for Broader Crypto ETF Listing Rules
This is the first official Bitcoin Cash ETF filing with the SEC. If approved, it would provide U.S. investors with a regulated method to obtain exposure to Bitcoin Cash through a traditional stock market product. Grayscale has selected Bank of New York Mellon to serve as the fund’s administrator, while Coinbase will act as the fund’s prime broker and custodian. This structure is similar to the setup in other Grayscale products and provides a layer of institutional trust.
Related Reading: Grayscale Seeks SEC Approval for Spot Dogecoin ETF | Live Bitcoin News
Meanwhile, the Litecoin ETF is on a similar strategy. However, it is important to note that Grayscale has not filed a 19b-4 application for either the Litecoin or Bitcoin Cash funds. This means that the firm is not currently pushing for individual rule changes. Instead, it is waiting for the SEC to approve a broader rule set known as the Generic Listing Standards. If these standards are accepted, Grayscale believes the funds will automatically qualify for listing on NYSE Arca.
In its filings, Grayscale noted that the fund could be qualified under the proposed Generic Listing Standards, but required SEC approval. This method is akin to what the firm has used for its recent Chainlink Trust filing. That filing also relied on the S-3 form and the same listing standards.
New Regulatory Path Could Ease Multiple Crypto ETF Listings
This approach is part of a growing trend among asset managers looking for more efficient ways to get crypto ETFs to market. Rather than like waiting for separate approvals for each asset, they are counting on a single regulatory path that might make it easier for multiple crypto ETFs to list.
Meanwhile, the ETF landscape for crypto more broadly is changing. The SEC recently postponed its decision on Bitwise’s proposed Dogecoin ETF, citing the need for further time to consider the rule change. This delay followed an earlier lull in June. However, not all Dogecoin ETFs are dead. REX Shares and Osprey Funds plan to introduce the first-ever U.S. Dogecoin ETF under the 1940 Act on Thursday, September 11.
Commenting on this, Bloomberg ETF analyst Eric Balchunas said the fund could signal the beginning of a new era for memecoin ETFs. In a post on X, he said this could be the first ETF in the U.S. to own an asset that has no practical use, underscoring the peculiarity of meme-based cryptocurrencies entering mainstream finance.
In conclusion, Grayscale’s filings indicate a continued push toward mainstream ETF offerings tied to a broader array of digital assets. While the waiting times for approval are still unclear, these moves signal an increasing institutional faith in the longevity of altcoins outside of Bitcoin and Ethereum.
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