OTC Markets Group Welcomes Grayscale Stellar Lumens Trust, Grayscale Horizen Trust, and Grayscale Zcash Trust to OTCQX
NEW YORK, Oct. 18, 2021 /PRNewswire/ -- OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 11,000 U.S. and global securities, today announced Grayscale Stellar Lumens Trust (OTCQX: GXLM), Grayscale Horizen Trust (OTCQX: HZEN), and Grayscale Zcash Trust (OTCQX: ZCSH), have qualified to trade on the OTCQX® Best Market.
Grayscale Stellar Lumens Trust begins trading today on OTCQX under the symbol "GXLM", Grayscale Horizen Trust begins trading under the symbol "HZEN", and Grayscale Zcash Trust begins trading under the symbol "ZCSH". U.S. investors can find current financial disclosure and Real-Time Level 2 quotes on www.otcmarkets.com.
Trading on the OTCQX Market offers companies efficient, cost-effective access to the U.S. capital markets. Streamlined market requirements for OTCQX are designed to help companies lower the cost and complexity of being publicly traded, while providing transparent trading for their investors. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.
"This is an important milestone for digital currencies, and demonstrates the continued maturation of the asset class," said Craig Salm, Grayscale's Head of Legal. "For the past six years, investors have leveraged Grayscale products and the OTCQX Market to gain diversified exposure to the digital currency ecosystem, and we are pleased that they will now – for the first time – be able to access Horizen (HZEN), Stellar Lumens (GXLM), and Zcash (ZCSH) as publicly-quoted securities in a United States market."
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. acted as the companies' OTCQX sponsor.
About Grayscale Stellar Lumens Trust
The Trust holds XLM which is a type of virtual currency and, from time to time, issues baskets of shares in exchange for deposits of XLM and, subject to exemptive relief from the SEC and authorization of a redemption program by the Trust's Sponsor, distributes XLM in connection with redemption baskets. The investment objective of the Trust is for its shares to reflect the value of XLM held by the Trust, as determined by reference to a XLM index price, less the Trust's expenses and other liabilities. The Trust may also hold incidental rights and/or IR virtual currency in accordance with the terms of the Trust Agreement.
About Grayscale Horizen Trust
The Trust holds ZEN which is a type of virtual currency and, from time to time, issues baskets of shares in exchange for deposits of ZEN and, subject to exemptive relief from the SEC and authorization of a redemption program by the Trust's Sponsor, distributes ZEN in connection with redemption baskets. The investment objective of the Trust is for its shares to reflect the value of ZEN held by the Trust, as determined by reference to a ZEN index price, less the Trust's expenses and other liabilities. The Trust may also hold incidental rights and/or IR virtual currency in accordance with the terms of the Trust Agreement.
About Grayscale Zcash Trust
The trust holds ZEC which is a type of virtual currency and, from time to time, issues baskets of shares in exchange for deposits of ZEC and, subject to exemptive relief from the SEC and authorization of a redemption basket. The investment objective of the Trust is for its shares to reflect the value of ZEC held by the Trust, as determined by reference to a ZEC index price, less the trust's expenses and other liabilities. The Trust may also hold incidental rights and/or IR virtual currency in accordance with the terms of the Trust Agreement.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX® Best Market, the OTCQB® Venture Market and the Pink® Open Market for 11,000 U.S. and global securities. Through OTC Link® ATS and OTC Link ECN, we connect a diverse network of broker-dealers that provide liquidity and execution services. We enable investors to easily trade through the broker of their choice and empower companies to improve the quality of information available for investors.
To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.
OTC Link ATS and OTC Link ECN are SEC regulated ATSs, operated by OTC Link LLC, member FINRA/SIPC.
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Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, [email protected]
SOURCE OTC Markets Group Inc.
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