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Grayscale Products first launch as private placements, allowing accredited investors to gain crypto exposure through a familiar investment vehicle structure.

Shares purchased in the private placements are initially restricted for one year.

Grayscale pioneered obtaining public quotations for unrestricted shares of our private placements. This provides liquidity to existing private placement investors by allowing them to continue to hold their shares in their brokerage account or sell them through their broker in the public market. 

This also allows all investors —accredited or not — to access Grayscale products through certain brokerage or retirement accounts, regardless of investment size or holding period.

Due to the lack of an ongoing redemption program, publicly traded shares may trade premiums or discounts to the value of their underlying assets.

Grayscale Products are the first SEC-reporting companies in the industry. The requirements of being SEC-reporting exceed the standard of reporting already met by these Products as OTC Markets public quotations, including heightened levels of disclosure to offer even greater transparency for investors, and subjects the Products to additional regulatory oversight.

This also reduces the initial one year holding period of the private placement to six months.

While the SEC has not currently approved a spot crypto ETF, Grayscale believes its SEC-reporting Products present a strong case for uplisting when permitted by the U.S. regulatory environment.

In connection with ETF uplisting, products would have ongoing creation and redemptions, and the arbitrage mechanism inherent to ETFs would effectively eliminate premiums and discounts to the value of their underlying assets.

*We use the generic term “ETF” to refer to exchange-traded investment vehicles, including those that are required to register under the Investment Company Act of 1940, as amended (the “‘40 Act”), as well as other exchange-traded products, or “ETPs”, which are not subject to the registration requirements of the ‘40 Act.