Asset manager Grayscale Investments LLC has created the Zcash Investment Trust, joining its previous financial vehicles for bitcoin and Ethereum Classic.
Barry Silbert, CEO of Digital Currency Group, Grayscale’s parent firm, said investors are excited about new digital products. “This year has demonstrated that digital currency is a new asset class investors are excited about that is not correlated with other asset classes,” Silbert said in a statement. “By expanding the universe of products to invest in this asset class, we think we’ll bring new investors in.”
Small investors need not apply. To invest in the fund, your incomemust be at least $200,000 for each of the previous two years, or you must possess a net worth exceeding $1 million. Investors can also not redeem or sell shares on a secondary market for a while, at least until Grayscale moves it to one. Then there will be a lock-up period before trading commences. With bitcoin, the Grayscale fund traded at a premium of as much as 100 percent, Silbert claimed.
The new Zcash fund has already been seeded with $11.5 million, according to Silbert. After the fund was filed with the SEC, the price of Zcash, which had been around $220, jumped to about $250 per coin.
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