Barry Silbert‘s Grayscale Investments launches Ethereum Classic Fund
Barry Silbert has already made investment simple for mainstream players in Bitcoin more, is going to launch a second similar fund, this time focused on Ethereum Classic, according to Bloomberg.
On Thursday, March 9, Silbert‘s Grayscale Investments published the investment declaration for thr Ethereum (ETC) Investment Trust (EIT), as it is expected the fund will be officially launched by the end of March.
The Ethereum (ETC) Investment Trust will have the same structure as the Bitcoin Investment Trust and will be available to accredited investors whose net worth exceeds $ 1 million or whose annual income will be at least $ 200,000. It is also planned that will be set a minimum investment threshold, the exact size of it will be announced later.
However, Barry Silbert does not accept that just like the Bitcoin Investment Trust, the new fund will be traded on the secondary market.
"I think we have demonstrated success and our ability to see an investment opportunity before it attracted more attention and capital", noted Barry Silbert.
Grayscale Investments was founded in 2013 - Digital Currency Group’s division, a New York company known for its numerous investments in bitcoin and blockchain start-ups around the world.
In January of this year, Grayscale Investments informed that it had filed an application to register Bitcoin-ETF’s shares. The Grayscale Bitcoin Investment Trust’s goal is to display Bitcoin's yield according to TradeBlock’s XBX index, a placing of shares is planned on the New York Stock Exchange (NYSE).
At the same time, it became known for the first time about Sylbert's intention to launch the Ethereum Investment Trust. This investor's step, however, triggered a debate in the community - almost immediately it was suggested that the name of the new trust emphasizes that ETC is the "real Ethereum". In this regard, the Ethereum Foundation even voiced calls to protect their brand.
How much Silbert listened to such appeals, it can be seen from today’s officially announced name - the Ethereum (ETC) Investment Trust.
Currently, ETC's average rate is about $ 1.3, its market capitalization ($ 118 million), it is on the 7th place in the list of cryptocurrencies. The launch of the fund, however, can potentially lead to a significant increase of the token, which at the very beginning of its existence, many even called a scum.
Last week, Ethereum Classic's road map was published, in it was proposed a new hard-fork, to set limits on emissions and to reduce the block reward.