Finra greenlights Grayscale’s public quote for crypto fund shares

Grayscale Investments has received FINRA’s approval for the free quotation of the shares of its diversified cryptocurrency fund.

Grayscale’s public quotation

The New York-based company received approval from the US Financial Industry Regulatory Authority (FINRA). The company revealed the development through a press release made on October 14. The approval now allows the company to quote its Grayscale Digital Large Cap Fund (GDLCF) across over-the-counter (OTC) markets.

The development has enabled the world’s first publicly quoted security that is based on a selection of digital currencies in the United States. The firm can now quote its shares that will be available for purchase through investment accounts. The process is no different than purchasing other unregistered securities.

The company revealed that the public quotation would not have any trading volume until they are eligible with Depository Trust Company (DTC). DTC is one of the largest securities depositories across the globe. Reportedly, Grayscale would get the shares DTC eligible sooner rather than later.

The GDLCD is composed of numerous major cryptocurrencies. Bitcoin accounts for over 8- percent of the fund’s total value. Ethereum contributes to nearly ten percent, while XRP, Bitcoin Cash, and Litecoin account for 5.8, 2.2, and 1.8 percent, respectively.

The company highlighted that the DLC is not registered with the US Securities and Exchange Commission (SEC) and is not subject to disclosure.

Grayscale is a subsidiary of the Digital Currency Group (DCG). DCG is a well-known crypto venture company operating in the United States. Grayscale’s Bitcoin Investment Trust saw a surge of 300 percent this year. The company’s Bitcoin Investment Trust is allegedly the only Bitcoin Investment Trust operating in the United States.