We advised Grayscale Investments on the public company registration of three digital asset funds

Davis Polk advised Grayscale Investments, LLC, as sponsor, in connection with the registration of each of Grayscale Bitcoin Cash Trust (“BCH”), Grayscale Ethereum Classic Trust (“ETC”) and Grayscale Litecoin Trust (“LTC”) as SEC-reporting digital asset funds. Each fund offers exposure to its namesake digital asset through a traditional investment vehicle, without the challenges of buying, storing and safekeeping the digital asset. Shares of the funds are quoted on the OTCQX under the ticker symbols “BCHG”, “ETCG” and “LTCN”, respectively.

Grayscale Investments is the world’s largest digital asset manager, with more than $53 billion in assets under management as of November 30, 2021.

The Davis Polk team included partner Joseph A. Hall and associates Hillary A. Coleman, Caroline G. Armstrong and Dylan H. Lojac. Partners Lucy W. Farr and Patrick E. Sigmon and associate Benjamin Helfgott provided tax advice. Partners Jai R. Massari and Zachary J. Zweihorn and associate Ryan Johansen provided financial institutions advice. Members of the Davis Polk team are based in the New York and Washington DC offices.