Grayscale’s Bold ETF Push Set to Reshape Crypto Markets

Grayscale doubles down on ETF approval bid—positioning itself as the gatekeeper of institutional crypto adoption.

The Regulatory Endgame

Wall Street's latest attempt to tame decentralized assets through traditional structures continues—because nothing says 'innovation' like wrapping digital gold in century-old financial packaging.

Market Mechanics Overhaul

Approval would flood markets with unprecedented institutional liquidity while simultaneously centralizing power through traditional custodial frameworks—the ultimate irony for an asset class built on decentralization principles.

The Institutional Dilemma

Fund managers get their compliance-friendly wrapper while crypto purists watch another revolutionary technology get absorbed by the very system it sought to disrupt. Everybody wins—except maybe the philosophy behind Bitcoin's creation.

has recently submitted new applications to the SEC seeking approval for exchange-traded funds (ETFs) for Bitcoin$0.000017 Cash (BCH), Hedera (HBAR), and Litecoin (LTC). The company intends to transform its closed-end funds into open-end ETF structures. The applications have been prepared for listing on New York-based exchanges,and.

Details of Grayscale’s ETF Applications

The documents presented to the SEC, including S-1, S-3, and related papers, are designed to convert the,, andfunds into ETFs. This approach is consistent with the process Grayscale followed in 2024 for its Bitcoin and Ethereum$4,316 funds. According to the S-3 file, the funds will be eligible to trade on NYSE Arca if the SEC approves their 19b-4 application or meets the general listing standards.

As per the application files, as of June 30, Grayscale’s Bitcoin Cash fund holds net assets exceeding $202 million, with a unit price recorded at $4.31. It was highlighted that closed-end funds can trade at a premium or discount relative to their net asset value, whereas ETFs can issue new shares depending on demand to keep the price close to the net asset value.

SEC Evaluation and Current Process

On the day of the applications, thedeferred decisions on Grayscale’s spot Hedera ETF application and Bitwise’s Dogecoin$0.00000004779881 ETF application. This indicates the regulatory body’s ongoing review process for investment products based on altcoins.

Grayscale had previously succeeded in a lawsuit against the SEC, which led to the approval ofandETFs. Spot bitcoin ETFs have been trading in the United States since January 2024, reaching a trading volume that has surpassed $1.2 trillion. Grayscale’s upcoming applications could mark the beginning of a new era in the, contingent on the regulatory body’s decision.