Grayscale Submits SEC Filings for Hedera, Litecoin, and Bitcoin Cash Trust ETFs

• Grayscale Bitcoin Cash Trust (BCH) is asking the SEC for a change of name. If the SEC approves, it will be renamed Grayscale Bitcoin Cash Trust ETF and listed on NYSE Arca.
  
• These filings aim to convert existing closed-end trusts into ETFs that would trade on NYSE Arca or Nasdaq.
  
• The SEC has postponed its decision on the Hedera ETF until November 12, 2025. Over 90 crypto-related ETF applications remain pending.

Grayscale has taken a new step to grow its products by sending three new filings to the United States Securities and Exchange Commission (SEC). These filings are not about Bitcoin or Ethereum, which already have approved Exchange Traded Funds (ETFs), but instead focus on three other coins: Hedera, Litecoin, and Bitcoin Cash.

The company used different types of filings for each case. Hedera was filed using Form S-1, which is required for brand-new ETFs that have never been registered before. Litecoin and Bitcoin Cash, on the other hand, already exist as trusts that trade over the counter, so Grayscale used Form S-3 to request that these products be changed into ETFs.

This approach shows that Grayscale is not just building new funds but also working to upgrade old ones that many investors believe are not serving them well, since trust shares often trade at a very different price than the real value of the coins inside.

The Securities and Exchange Commission (SEC) Filing Reveals Plans for Grayscale Bitcoin Cash Trust ETF

According to the Securities and Exchange Commission (SEC) filing for Bitcoin Cash on September 9, 2025, Grayscale wants to rename the product as the Grayscale Bitcoin Cash Trust ETF and list it on NYSE Arca under the ticker BCHG. Right now, BCHG trades on the over-the-counter market, where liquidity is lower and price gaps are common.

The filing also states that the ETF would work with authorized participants who can create or redeem shares in large blocks, known as baskets, usually in amounts of 10,000 shares. At the start, these baskets will be created or redeemed with cash, though in-kind transactions using the cryptocurrency itself could be added later if regulators allow it.

As of June 30, 2025, the Bitcoin Cash Trust held about two percent of all the Bitcoin Cash coins in circulation, worth around $203 million, but shares were trading at about a 10 percent discount compared to the net asset value, which highlights the problem that the Exchange Traded Fund (ETF) conversion is supposed to fix.

What The SEC Plans To Do Next Following Grayscale Filings

The Securities and Exchange Commission (SEC) has not yet approved any of these filings. In fact, it has already postponed its decision on the Hedera ETF until November 12, 2025, which is also the date set for a ruling on a Dogecoin ETF proposed by Bitwise. This shows that regulators are being cautious with altcoin ETFs, but it also shows that they are willing to review them seriously rather than rejecting them outright.

If approved, one area that stands to benefit is crypto payroll. With deeper institutional trust, companies could be more willing to integrate systems that allow employees to receive salaries in cryptocurrencies. Such momentum might also drive the introduction of clear regulations around payroll solutions, balancing compliance with financial laws and encouraging payment innovation. 

For Grayscale, the goal is clear. After winning the battle to launch a spot Bitcoin Exchange Traded Fund in 2024, and later an Ethereum Exchange Traded Fund, it now wants to repeat that success with other coins. If it succeeds, investors in the United States could soon buy ETFs for Hedera, Litecoin, and Bitcoin Cash just as easily as they buy funds for gold or the S&P 500.