The investment company that invented Bitcoin Investment Trust is now adding 4 new trusted cryptocurrencies: Ripple (XRP), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC).
These 4 new trusts , which will be added to the already existing Bitcoin, Ethereum Classic and Zcash. Investments will also join its multi-crypto investment fund “Digital Large Cap Fund” announced last month.
The managing director of Grayscale Investments, Michael Sonnenshein said that these new products are part of an expanding project and added that the firm is planning to add other currencies in the future,
“It is our belief that digital currencies as an asset class have not only arrived, but are here to stay. Consequently, we are committed to providing investors with structures that enable them to participate in this exciting asset class.”
According to a press release, the new products are among the first securities to allow investment in those cryptocurrencies. It also said that the value of a share in a trust may not be the same value than a cryptocurrency being held by the trust.
In an interview with Coindesk, Michael Sonnenshein mentioned,
“As of March 5, Grayscale had $2.1 billion in assets under management, up from $208 million just a year ago… This is a meaningful milestone for Grayscale as it increases the number of investment offerings under the Grayscale umbrella from four to eight. At this time last year, Grayscale had only one product, Bitcoin Investment Trust,”