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Ethereum Classic Fund Goes Live, Ethereum Etf Launch Edges Closer

Ethereum Classic Fund Goes Live, Ethereum Etf Launch Edges Closer

Ethereum Classic Fund Goes Live, Ethereum ETF Launch Edges Closer Grayscale Investments has officially made the ETC Investment Trust available to investors, publishers of Coindesk among them. Grayscale Investments has officially made the long awaited Ethereum Classic Investment Trust available to investors on the market. The firm announced on Wednesday that the fund is live for accredited investors. The fund is not the first offer from the firm. Barry Silbert introduced a similar fund for Bitcoin tracked shares as early as in 2013. The fees differ though. While the Bitcoin Trust has an annual fee of two percent, the new Ethereum Trust is at three percent this includes a one percent development contribution that Silbert announced. This will go to development and marketing of the currency for the first three years. 1/ ANNOUNCEMENT: 1/3 of @EthereumTrust mgmt fee will be donated to Ethereum Classic development, marketing & community activities for 3 yrs Grayscale (@GrayscaleInvest) March 31, 2017 The initial capital comes from Silbert himself, Digital Currency Group and Glenn Hutchins who is the co-founder of private investment company Silver Lake . When the fund was initially announced, some within the community raised questions about a possible conflict of interest, or rather the influence of the fund via Digital Currency Group. DCG has business interests in news provider CoinDesk. The trust was announced to the public in early 2016 and immediately caused waves in the ETC market, which was depressed since the fork of Ethereum/Ethereum Classic. The anticipation of the fund going live has already caused a surge of over 200 percent over eight weeks for the $419.1 mln market capital of ETC. Were excited about the Ethereum Classic, as opposed to Ethereum because ETC has a fi Continue reading >>

Ethereum Classic Investment Trust In The News

Ethereum Classic Investment Trust In The News

Ethereum Classic Investment Trusts shares are the first securities solely invested in and deriving value from the price of ETC. Ethereum Classic Investment Trust enables investors to gain exposure to the price movement of ETC through a traditional investment vehicle, without the challenges of buying, storing, and safekeeping ETC. Shares track the ETC market price, less fees and expenses* Transfer Agent: Continental Stock Transfer & Trust * The Ethereum Classic Investment Trust does not currently operate a redemption program and may halt creations from time to time. The Trust may, but will not be required to, seek regulatory approval to operate a redemption program. The Sponsor intends to direct up to one-third of the Annual Fee, for the first three years of the Trust's operations, towards the Ethereum Classic Cooperative, whose initiatives support development, marketing, and community activities of the Ethereum Classic Network. For more information, visit etccooperative.org ** Valuation represents the ETC Holdings of ETC Trust shares Titled, auditable ownership through a traditional investment vehicle Ethereum Classic Investment Trust is a traditional investment vehicle with shares titled in the investors name, providing a familiar structure for financial and tax advisors and easy transferability to beneficiaries under estate laws. Shares of Ethereum Classic Investment Trust are eligible to be held in certain IRA, Roth IRA, and other brokerage and investor accounts. Supported by a network of trusted service providers Davis Polk & Wardwell LLP serves as legal counsel to the Sponsor of Ethereum Classic Investment Trust. Financial statements for Ethereum Classic Investment Trust are audited annually by Friedman LLP. The private keys for Ethereum Classic Investment Trusts Continue reading >>

Grayscale Investments Launches $10 Million Ethereum Classic Private Fund

Grayscale Investments Launches $10 Million Ethereum Classic Private Fund

Grayscale Investments Launches $10 Million Ethereum Classic Private Fund April 28, 2017, 07:26:47 PM EDT By Alex Lielacher, Bitcoin Magazine The U.S. investment management company Grayscale Investments LLC has launched the first-ever private fund that invests in the digital currency ethereum classic (ETC) with $10 million in seed capital. The new fund is called the Ethereum Classic Investment Trust . Grayscale Investments , an investment subsidiary of the Digital Currency Group (DCG) founded by entrepreneur and investor Barry Silbert, has raised $10 million in seed capital from the Digital Currency Group, Silbert himself and Glenn Hutchins, co-founder of the private investment firm Silver Lake and board member of DCG, NASDAQ and AT&T. The purpose of the fund is to track the price of the digital currency ethereum classic (ETC), which was created a little under a year ago following the Ethereum hard fork . Ethereum Classic provides developers with the opportunity to create smart contracts as well as decentralized apps. Ethereum Classic has since emerged as one of the leading digital currencies in the market in terms of market capitalization and investor interest. The all-time high of ethereum classic was $5.11 on April 27, and its market capitalization currently stands at around $440 million, making it the sixth largest digital currency in the market according to CoinMarketCap . "I'm excited about Ethereum Classic, as opposed to Ethereum ( ETH ), because ETC has a fixed supply and the potential to serve as the smart contract and micropayment layer to the Internet of Things," Silbert said to Bitcoin Magazine . The Ethereum Classic Investment Trust is set up with a similar structure as Grayscale's Bitcoin Investment Trust, the only publicly traded bitcoin investment vehicl Continue reading >>

U.s. Investment Firm Launches $10 Mln Ethereum Classic Private Fund

U.s. Investment Firm Launches $10 Mln Ethereum Classic Private Fund

U.S. investment firm launches $10 mln ethereum classic private fund After Alabama upset, Democrats see new prospects in South Big office building owners seek 'co-working' partners U.S. investment firm launches $10 mln ethereum classic private fund NEW YORK (Reuters) - U.S. investment firm Grayscale Investments has launched the first private fund focused on ethereum classic, a blockchain platform, with a seed capital of $10 million, Barry Silbert, founder of the companys parent, Digital Currency Group (DCG), said on Wednesday. The fund is called Ethereum Classic Investment Trust, with the initial capital provided by Silbert, DCG and Glenn Hutchins, co-founder of private investment company Silver Lake. The new fund will track the price of ethereum classic, the sixth-largest digital currency in terms of market capitalization, totaling $419.1 million. The coin powers a decentralized blockchain network in which developers can create different applications that can facilitate or enhance the transfer and sharing of information and value. Ethereum classic (ETC) was built on the same fundamental principles as bitcoin: decentralization and immutability, which means that once data or information is placed on the blockchain, it cannot be changed. On Wednesday, ethereum classic traded at $4.60 on digital asset exchanges, surging more than 200 percent over an eight-week period. Were excited about ethereum classic, as opposed to ethereum (ETH), because ETC has a fixed supply and the potential to serve as the smart contract and micropayment layer to the Internet of Things, Silbert said. Smart contracts are self-executing transactions. The internet of things, on the other hand, has become the buzzword for the technology community. Essentially, it involves connecting all kinds of device Continue reading >>

Shares To Be Issued In Ethereum Classic Investment Trust

Shares To Be Issued In Ethereum Classic Investment Trust

Shares to be Issued In Ethereum Classic Investment Trust Grayscale Investments, a cryptocurrency investment firm that belongs to the Digital Currency Group has just released a statement indicating their intent to file for the creation of new shares for their Ethereum Classic Investment Trust . Grayscale Investments currently manages $1.2 billion in assets. The company has done this sort of listing before with its Bitcoin Investment Trust. Both the bitcoin trust and the Ethereum Classic trust are or will be listed on the OTCQX exchange. The sponsor of the new listing, Orrick Herrington & Sutcliffe LLP has stated that they expect the process to be finished by mid-2018. For those of us who are more familiar with directly buying and holding digital currencies, it may be at first difficult to understand what the purpose of such an investment trust. The idea behind the trust is that it allows traditional, stock market investors access to cryptocurrencies, without needing to concern themselves with the technical issues surrounding, buying, holding, and selling them. Additionally, by purchasing shares in the trust, tax compliance issues are simplified by making ownership no different than that of any other stock or bond. According to official sources , one share of the ETC trust will represent just under one unit of ETC, about 0.9844 ETC per share. Comparing this to the companys current Bitcoin Investment Trust (OTCQX: GBTC ), where shares are currently trading at just over $850 each, individual units of the ETC trust will represent more units of ETC per share. Shares in the Bitcoin Investment Trust represent 0.09 units of BTC per share. The ETC trust also levies a three percent annual fee, which includes a one percent development contribution fee, and the Bitcoin trust has a Continue reading >>

Ethereum Investment Trust In The News

Ethereum Investment Trust In The News

Ethereum Investment Trusts shares are among the first securities solely invested in and deriving value from the price of ETH. Ethereum Investment Trust enables investors to gain exposure to the price movement of ETH through a traditional investment vehicle, without the challenges of buying, storing, and safekeeping Ethereum. Shares track the ETH market price, less fees and expenses* Transfer Agent: Continental Stock Transfer & Trust * Ethereum Investment Trust does not currently operate a redemption program and may halt creations from time to time. The Trust may, but will not be required to, seek regulatory approval to operate a redemption program. Titled, auditable ownership through a traditional investment vehicle Ethereum Investment Trust is a traditional investment vehicle with shares titled in the investors name, providing a familiar structure for financial and tax advisors and easy transferability to beneficiaries under estate laws. Shares of Ethereum Investment Trust are eligible to be held in certain IRA, Roth IRA, and other brokerage and investor accounts. Supported by a network of trusted service providers Davis Polk & Wardwell LLP serves as legal counsel to the Sponsor of Ethereum Investment Trust. Financial statements for Ethereum Investment Trust are audited annually by Friedman LLP. The private keys for Ethereum Investment Trusts assets are maintained with Ledger SAS and protected by intense multi-factor security procedures. Ethereum Investment Trusts shares are among the first securities solely invested in and deriving value from the price of ETH. Ethereum Investment Trust provides a secure structure to gain exposure to the price performance of ETH. Past performance is not necessarily indicative of future results. * ETH Holdings per Share is calculated d Continue reading >>

Grayscale Launches Crypto Investment Trusts For Bch, Eth, Xrp, And Ltc

Grayscale Launches Crypto Investment Trusts For Bch, Eth, Xrp, And Ltc

Grayscale Launches Crypto Investment Trusts for BCH, ETH, XRP, and LTC Grayscale Investments has announced the launch of four new single-asset cryptocurrency investment trusts for bitcoin cash, ether, litecoin, and ripple. The company already manages three other single-asset crypto trusts for bitcoin, ethereum classic, and zcash, in addition to a recently-launched crypto large-cap fund. Grayscale Investments announced on Tuesday the launch of four new investment products: Bitcoin Cash Investment Trust, Ethereum Investment Trust, Litecoin Investment Trust, and XRP Investment Trust. Michael Sonnenshein, the companys managing director, commented: We remain focused on product creation and will continue to launch more single-asset and diversified products to provide exposure where investors are looking for it. In an interview with Bloomberg, he reiterated that There will be more offerings coming from the Grayscale family this year, adding that some will focus on single currencies while others may hold several coins. Established in 2013 by Digital Currency Group, Grayscale Investments had $2.1 billion in assets under management as of February 28. Prior to todays announcement, the company was already managing three other cryptocurrency trusts: Bitcoin Investment Trust, Ethereum Classic Investment Trust, and Zcash Investment Trust. Furthermore, Grayscale announced the launch of its Digital Large Cap Fund last month which invests in BTC, ETH, XRP, BCH, and LTC.The companys founder and CEO, Barry Silbert, commented at the time, Were excited to further expand the universe of Grayscales product offerings as interest in the digital currency asset class continues to grow. Each Grayscale trusts investment objective is for its shares to reflect the value of the cryptocurrency it holds Continue reading >>

Zcash Investment Trust Launches, Expanding Investor Options For Cryptocurrency Exposure

Zcash Investment Trust Launches, Expanding Investor Options For Cryptocurrency Exposure

ZCash Investment Trust Launches, Expanding Investor Options For Cryptocurrency Exposure Its now possible for some investors wealthy ones to obtain exposure in traditional, tax-advantaged investment accounts to hot privacy coin Zcash. Thursday, Grayscale Investments, LLC , the asset managersponsoring investment vehicles for two of the top cryptocurrencies, Bitcoin and Ethereum Classic, launches the Zcash Investment Trust, the only security invested solely in Zcash, which launcheda year ago and now sports a price of $250 and a market capitalization of $650 million. The company behind Zcash, Zerocoin Electric Coin Company , already counts JPMorgan Chase as a customer , indicating the value financial institutions may see in technology that can take advantage of a distributed ledger without revealing key details of the trade, such as who the sender and recipient are and the value of the transaction. Barry Silbert, CEO of Digital Currency Group , Grayscale's parent firm, said, "This year has demonstrated that digital currency is a new asset class investors are excited about that is not correlated with other asset classes. By expanding the universe of products to invest in this asset class, we think well bring new investors in." The company chose Zcash for its third digital currency investment product because we are excited about the potential for a privacy-focused digital currency and blockchain," said Silbert. "Theres a lot of utility and demand for that. The firm had also found high investor interest in a traditional security based on Zcash that could be held in IRAs and 401(k)s. As a passive investment vehicle, the Zcash Investment Trust aims to reflect the value of the amount of Zcash held by the Trust -- with each share representing 0.1 Zcash. At 4pm Eastern Time, it ca Continue reading >>

Retail Investors Can Now Buy The Ethereum Classic Investment Trust

Retail Investors Can Now Buy The Ethereum Classic Investment Trust

Retail Investors Can Now Buy the Ethereum Classic Investment Trust Get exclusive analysis and cryptocurrency insights on Hacked.com for just $39 per month. The Ethereum Classic Investment Trust was officially listed on over-the-counter (OTC) marketplace OTCQX on Thursday, providing retail investors with the opportunity to purchase shares of the fund through their brokerage and retirement accounts. The fund, which is listed under the ticker symbol ETCG, is a creation of Grayscale Investments, who purchases physical ethereum classic tokens and manages custody on its clients behalf. Each share represents slightly less than 0.97 ETC, so investors can obtain exposure to cryptocurrency investing through a familiar type of financial product. Shares can also be held in conventional brokerage accounts, as well as tax-advantaged accounts like IRAs. Previously, investors could only purchase ETCG shares through a private placement, which restricted the fund to accredited (e.g. wealthy) investors. Grayscale first applied to have the fund quoted on OTCQX in March. The trust is Grayscales second fund to be publicly-quoted. The firms flagship product the Bitcoin Investment Trust (GBTC) has been quoted on OTCX since 2015 and at one point was the second most popular stock on investing app Stockpile. ETCG has thus far been thinly-traded, which is unsurprising given that this is its first day on OTCQX. So far, less than 2,400 shares worth approximately $64,000 have changed hands. The Bitcoin Investment Trust, meanwhile, has seen approximately $12.5 million in trading volume. At present, shares are priced at $27.00, which represents a 24 percent premium over the spot ETC price, which is $21.69. This was to be expected, as GBTC the only other publicly-quoted cryptocurrency fund almost alway Continue reading >>

Big Demand For The New Cryptocurrency Funds: Crypto Investor

Big Demand For The New Cryptocurrency Funds: Crypto Investor

Grayscale's Michael Sonnenshein: Bitcoin doesn't come without risks Investing in cryptocurrencies is complicated. Four new trusts make it easier, says crypto investor Michael Sonnenshein. "Digital currencies are not like stocks and bonds and all the other things that you buy," Sonnenshein, managing director at Grayscale Investments, a digital currency investment firm, said Monday on CNBC's " Fast Money ." "There's certain technological prowess that people need to have in order to handle them, store them securely, et cetera." Recognizing that investors want exposure to digital currencies, Grayscale launched four new crypto funds: Bitcoin Cash Investment Trust, Ethereum Investment Trust, Litecoin Investment Trust and XRP Investment Trust. Grayscale is the creator of the popular Bitcoin Investment Trust (GBTC), a way to invest in and trade the price moves of bitcoin without directly investing in the digital currency. The new trusts, Sonnenshein said, are "something that people can really wrap their heads around." So far, in the week since the products were introduced, the demand has been "fantastic," said Sonnenshein, whose company has approximately $2.1 billion in assets under management across eight different products. "There's a lot of investors who want to be able to place targeted exposure in a fund," he said. "And, there are also investors who want that more-diversified exposure, like the digital large-cap fund offers." "We're continuing to break records all the time," Sonnenshein said. He said each fund operates as a trust on a rules-based methodology, where tokens are evaluated each quarter to see if they have fallen into the 70 percent target of the overall market cap in digital currencies. "Of course there are other qualifiers and disqualifiers: There's got to b Continue reading >>

Grayscale Investments Commences Process To Secure Public Quotation For Ethereum Classic Investment Trust Shares On Otcqx

Grayscale Investments Commences Process To Secure Public Quotation For Ethereum Classic Investment Trust Shares On Otcqx

Grayscale Investments Commences Process to Secure Public Quotation for Ethereum Classic Investment Trust Shares on OTCQX NEW YORK, Nov. 12, 2017 /PRNewswire/ -- Grayscale Investments, LLC, the sponsor (the "Sponsor") of investment products including the Bitcoin Investment Trust (OTCQX: GBTC), the Ethereum Classic Investment Trust, and the Zcash Investment Trust announced today its intention to engage a sponsoring broker-dealer to file Form 211 with FINRA for the public quotation of Ethereum Classic Investment Trust shares (the "Shares") on the OTCQX market. A trusted authority on digital currency investing, Grayscale Investments, LLC has assets under management of $1.2 billion. To qualify for a public quotation of the Shares on the OTCQX market, as defined in Rule 15c2-11(e)(i) under the Securities Exchange Act of 1934, a sponsoring broker-dealer must prepare and file Form 211 with the FINRA, OTC Compliance Unit, on behalf of an issuer. The Sponsor has formally engaged Orrick Herrington & Sutcliffe LLP as securities counsel and OTCQX sponsor, and Friedman LLP as the Trust's auditor. Canaccord Genuity Inc. has informed the Sponsor that is intends to make a market in the Shares and will file FINRA Form 211 for that purpose. The Sponsor anticipates completing the process during the second quarter of 2018, however, no assurances can be given that they will be successful in obtaining a public quotation. For additional information, please contact [email protected] . Founded in 2013, Grayscale Investments, LLC is a wholly-owned subsidiary of Digital Currency Group, Inc., which builds and supports bitcoin and blockchain companies by leveraging its insights, network, and access to capital. A trusted authority on digital currency investing, Grayscale provides market insight and Continue reading >>

Grayscale Ethereum Classic Investment Trust Is Now Live

Grayscale Ethereum Classic Investment Trust Is Now Live

Grayscale Ethereum Classic Investment Trust is now live Digital Currency Group company Grayscale Investments, the New York-based operator of the Bitcoin Investment Trust officially announced today the live launch of the Ethereum Classic Investment Trust. Both the Bitcoin Investment Trust and the Ethereum Classic Investment Trust are private investment vehicles, not registered with any regulatory agency of any jurisdiction, and are NOT subject to the same regulatory requirements as SEC-registered exchange-traded funds or mutual funds, including the requirement to provide certain periodic and standardized pricing and valuation information to investors. Grayscale announced this second cryptocurrency investment trust for Ethereum Classic back in January , the fund uses the ETC Index (USD denominated) from digital currency data provider TradeBlock. As noted above, the fund is only open to accredited investors. Though back in January, Grayscale announced it filed an SEC registration statement for its Bitcoin Investment Trust. However, knowing the SECs recent distaste and history with cryptocurrency funds, it might be a little while before the Bitcoin and Ethereum Classic investment trusts become available to the wider public. The fund is looking pretty solid after its first official operating day. Eligible accredited investors* may now invest through our Distribution & Marketing Agent, Genesis Global Trading (an affiliate of Grayscale Investments). The Ethereum Classic Investment Trusts shares are the first securities solely invested in and deriving value from the price of ETC. The Ethereum Classic Investment Trust enables investors to gain exposure to the price movement of ETC through a traditional investment vehicle, without the challenges of buying, storing, and safekeepi Continue reading >>

Grayscale Plans Five New Crypto Funds

Grayscale Plans Five New Crypto Funds

Bloomberg the Company & Its Products Bloomberg Anywhere Remote LoginBloomberg Anywhere Login Bloomberg Terminal Demo Request Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Four will track single currencies, one a digital basket Original Bitcoin Investment Trust up 1,300% in the past year BitBull Capital CEO Joe DiPasquale discusses Bitcoins plunge and global regulation of cryptocurrencies. made it easier for mainstream investors to bet on Bitcoin, plans to offer four new single-currency crypto funds and another based on a basket of digital currencies by the start of April. By the end of the first quarter of this year, well have a total of eight investment products, Grayscale Managing Director Michael Sonnenshein said in an interview Tuesday in Vancouver. Bitcoin Investment Trust , which trades over-the-counter in the U.S., has surged more than 1,300 percent in the last year as institutional investors barred from buying digital coins directly nevertheless seek exposure to the dizzying gains of cryptocurrencies. So great has been the demand that the fund -- known by its ticker symbol, GBTC -- has often traded Along with the Bitcoin vehicle, Grayscale already offers Ethereum Classic and Zcash funds. Sonnenshein declined to name the four new cryptocurrencies it would target, but said the funds would be structured like the Bitcoin Investment Trust, giving investors the ability to gain exposure to digital currencies through the purchase o Continue reading >>

How To Buy Ethereum Classic

How To Buy Ethereum Classic

Join our newsletter to receive updates from EthereumPrice.org. Ethereum Classic (ETC) was formed in July 2016 following the infamous DAO Hack which took place on the Ethereum (ETH) chain. An exploit in the smart contract underlying the DAO (decentralized autonomous organization) enabled an attacker to syphon millions of Ether which had been invested into the DAO smart contract. The attack resulted in a contentious hard fork by the Ethereum Foundation, effectively reversing the malicious transactions and returning stolen funds to the DAOs investors. Many regarded this as deplorable censorship on the blockchain (whereby all transactions are immutable), and as a result the original Ethereum chain was maintained and rebranded as Ethereum Classic. Kraken has the world's largest cryptocurrency volume in EUR. Comparison disclosure: EthereumPrice.org provides a free (and advert-free) Ethereum price tracker. However, in order to sustain this free tool we have partnered with and receive commission from some of the platforms listed above. Ethereum Classic has a lower market cap than Ethereum, however its potential for growth has been very apparent since it was formed in July 2016. To understand the possible return on investment for ETC, it is best to first look at the key players behind the cryptocurrency and their role in ensuring its success. Barry Silbert: Ethereum Classic Investment Trust Barry Silberts Grayscale Investments is an investment firm which was started as a means to make purchasing Bitcoin and Ethereum Classic easy for mainstream investors. The ETC Trust purchases and secures Ethereum Classic tokens on its shareholders behalf, taking a small premium on each share sold. The trust launched in April 2017 with initial capital of $10M. Grayscale Investments has played Continue reading >>

Exclusive: Grayscale Launches Digital-currency Fund Backed By Silver Lakes Co-founder Hutchins

Exclusive: Grayscale Launches Digital-currency Fund Backed By Silver Lakes Co-founder Hutchins

Exclusive: Grayscale launches digital-currency fund backed by Silver Lakes co-founder Hutchins The investment fund is called the Ethereum Classic Investment Trust, and is open to new money on Wednesday This chart details Ethereum Classics performance over the past six month. Grayscalean asset management firmis launching a new cryptocurrency-focused investment vehicle backed by Glenn Hutchins, a co-founder of private-equity firm Silver Lake. The investment fund is called the Ethereum Classic Investment Trust, according to a source close to the company who didnt want to be identified because the digital-currency focused fund is a private investment vehicle open only to high-net worth investors. It will open to outside capital Wednesday morning Eastern Time. Hutchins is one of a handful of early investors that have seeded the trust with about $10 million in capital, the source said. The Ethereum Classic Investment Trust is expected to be structurally identical to Grayscales Bitcoin Investment Trust GBTC, +0.19% , the only bitcoin investment vehicle that trades publicly in the U.S., but instead of bitcoin, it is pegged to Ethereum Classic, a software platform that includes a cryptocurrency token. The new investment product comes at a time when bitcoin and other digital currencies are garnering more public attention, if not wide adoption. In recent weeks, the Securities and Exchange Commission rejected a pair of exchange-traded funds tied to bitcoin, including one backed by Cameron and Tyler Winklevoss. But the rejection hasnt dampened the enthusiasm for digital currencies; the total market capitalization of the digital universe surpassed $30 billion for the first time earlier this week. The bitcoin investment trust typically trades at a premium to bitcoin, an indication of Continue reading >>

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