These are the Grayscale Litecoin Trust, the Grayscale Hedera Trust ETF, and the Grayscale Bitcoin Cash Trust.
Therefore, the company would like to launch three new crypto ETFs on the US exchanges, on Litecoin (LTC), Hedera (HBAR), and Bitcoin Cash (BCH).
Grayscale and the SEC
In order for an ETF to be authorized for trading on US exchanges, it must be approved by the SEC (Securities and Exchange Commission), which is the US government agency overseeing the securities financial markets.
Grayscale has previously launched other crypto ETFs on US exchanges, and in fact, it was probably the first company in the world to launch a Bitcoin fund on the US market.
It was indeed May 2015 when the Grayscale Bitcoin Trust (GBTC) was launched on the markets.
However, it was not an ETF (Exchange-Traded Fund), but a simple investment fund on Bitcoin.
That fund over the years accumulated a lot of BTC, but due to legal issues, it had a lot of difficulty liquidating them when shareholders sold.
For this reason, Grayscale asked the SEC to convert it into a real ETF, but the SEC rejected that request, as well as those from all other companies that had made similar requests.
However, Grayscale had the merit of suing the SEC for this decision, also because the same agency had previously approved ETFs based on futures contracts on the price of BTC.
In 2023, a judge ruled in favor of Grayscale, effectively compelling the SEC to approve crypto ETFs.
Therefore, even though GBTC was neither the first approved ETF nor the first for which a request was made to the SEC, it was the one that allowed the doors to open for the landing of ETFs on US exchanges.
Grayscale and crypto ETFs
Currently, Grayscale offers on the US exchanges ETFs only for Bitcoin and Ethereum.
This is due to the fact that for now the SEC has only approved crypto ETFs on spot BTC and ETH, in addition to those on crypto futures or staking.
However, Grayscale already offers some ETFs related to the crypto world but without being directly collateralized with the tokens of the cryptocurrencies.
They have an ETF on BTC miners, and one on companies related to Bitcoin, and they also have three others linked to options or other derivatives, but always only on BTC and ETH.
However, it is expected that by the end of the year, or at the latest in the early months of 2026, the SEC will approve many other requests for the issuance of crypto ETFs in the USA.
Grayscale has already submitted many, so much so that the three submitted yesterday are not even among the most important ones.
It is possible that in the end the SEC will approve crypto ETFs for all those cryptocurrencies that cannot be considered securities, such as Bitcoin and Ethereum, but also XRP, Solana, etc.
Grayscale Litecoin Trust
Litecoin (LTC) is absolutely one of the most “ancient” cryptocurrencies in existence.
It was created only two years after Bitcoin and launched on the crypto markets three years after BTC.
Despite initially being the main crypto alternative to Bitcoin, over time the project has somewhat lost its luster.
The problem is that it was created as a transactional alternative to BTC, meaning to be used as an exchange currency. However, when Ethereum arrived in 2015, allowing the creation of tokens, the use of stablecoins began to spread, which from a transactional point of view are definitely better than LTC.
Thus, Litecoin lost its main use case primarily to USDT and USDC, and the project has never been able to reinvent itself since then.
Nevertheless, on the crypto markets, almost half a billion dollars of LTC spot is traded daily, and although this figure pales in comparison to the 44 billion dollars of Bitcoin, or the 119 billion dollars of USDT, it is still higher than that of HYPE (Hyperliquid) or USDE (Ethena USD).
In fact, LTC is now primarily a speculative asset, on which many speculators are still active.
It is probably for this reason that Grayscale wants to list a Litecoin ETF on the US exchanges, in order to provide an opportunity for those who do not operate on xcrypt markets to speculate on it.
Grayscale Hedera Trust ETF
Hedera (HBAR) is a completely different thing.
In this case, it is also an “old” cryptocurrency, although it entered the crypto markets nine years after Bitcoin and six years after Litecoin.
It must be said, however, that its daily trading volume on crypto spot exchanges is less than half of that of Litecoin, but since its project is progressing, unlike that linked to LTC, it might interest traditional markets.
In particular, it might interest investors more than speculators, especially considering the significant collaborations that Hedera has managed to establish over time.
The problem, however, is that the crypto HBAR has a tokenomics that does not promise anything particularly good in the long term.
Grayscale Bitcoin Cash Trust
Bitcoin Cash (BCH), which should not be confused with Bitcoin (BTC), is indeed a fork of the latter.
It was born in 2017, during the full bull run, as a more capacious alternative to the Bitcoin blockchain, but it never managed to carve out a leading role in the crypto sector.
Its daily spot trading volume is higher than that of HBAR, but still lower than that of LTC. However, its tokenomics in theory is the same as BTC.
It is not easy to understand why Grayscale wants to list an ETF on BCH on the US exchanges, but it is very likely that this decision was made in light of the requests that the company receives, directly or indirectly, from the market itself.
Moreover, the long-term price performance of BCH is poor, not only because it is currently at -86% from its all-time highs, but because these highs were recorded at the end of 2017, the year of its launch. The following years seem to outline a long downward trend that could still be ongoing, despite relatively good performances between the end of 2024 and 2025.
