Key Takeaways
- • Grayscale filed an amended S-3 registration statement with the SEC on September 11, 2026, to convert its Bitcoin Cash Trust (BCHG) into a spot Bitcoin Cash ETF listed on NYSE Arca under the same BCHG ticker.
- • The conversion follows Grayscale's established playbook: the Delaware statutory trust will be renamed the Grayscale Bitcoin Cash Trust ETF, with Coinbase Custody continuing as custodian, Coinbase as prime broker, and BNY Mellon as transfer agent and administrator.
- • The listing relies on NYSE Arca's proposed Rule 8.201-E, a generic commodity-based ETF listing standard submitted to the SEC in July 2025, enabling streamlined approval of crypto-backed ETFs.
- • Grayscale is simultaneously pursuing parallel conversions of its Litecoin Trust (LTCN) into a spot ETF and has already launched a spot Zcash ETF, demonstrating an accelerated strategy to migrate its single-asset crypto trusts onto regulated exchanges.
- • The BCHG conversion represents a significant upgrade in accessibility and regulatory standing for Bitcoin Cash exposure, transitioning from OTCQX market trading to a major U.S. exchange listing.
Summary
Grayscale Investments has initiated the conversion of its Bitcoin Cash Trust into a spot exchange-traded fund through an amended S-3 registration statement filed with the U.S. Securities and Exchange Commission on September 11, 2026. Upon SEC approval and effective registration, the trust will be renamed the Grayscale Bitcoin Cash Trust ETF and its shares will be listed on NYSE Arca under the existing BCHG ticker symbol, according to the SEC filing reviewed by BlockchainReporter.
The structural mechanics of the conversion preserve the existing custody and administration framework. The vehicle remains a Delaware statutory trust, with shares representing fractional ownership in Bitcoin Cash. Coinbase Custody Trust Company will continue serving as custodian, Coinbase will remain the prime broker, and The Bank of New York Mellon will serve as transfer agent and administrator. The registration covers an indeterminate number of shares in a continuous offering structure, with share prices tied directly to underlying Bitcoin Cash holdings and NYSE Arca trading valuations. Currently, BCHG shares trade on the OTCQX market; the conversion elevates them to a major exchange with materially improved liquidity and institutional accessibility.
The filing exemplifies Grayscale's broader strategy to migrate its single-asset crypto trust portfolio onto regulated U.S. exchanges. Concurrent with the BCHG conversion, Grayscale has filed to convert its Litecoin Trust (LTCN) into a spot Litecoin ETF and has already deployed a spot Zcash ETF on NYSE Arca. These conversions operate under NYSE Arca's proposed Rule 8.201-E, a generic listing standard for commodity-based exchange-traded products that the exchange submitted to the SEC on July 30, 2025. This rule framework enables streamlined approval processes for crypto-backed ETFs, reducing regulatory friction compared to product-specific exemptive requests.
The conversion represents a meaningful step toward institutional-grade access to Bitcoin Cash exposure through a regulated ETF wrapper, bridging the gap between the trust's current OTCQX status and the liquidity, tax treatment, and compliance infrastructure of a major exchange listing. Approval remains pending SEC effectiveness of the registration statement.
The structural mechanics of the conversion preserve the existing custody and administration framework. The vehicle remains a Delaware statutory trust, with shares representing fractional ownership in Bitcoin Cash. Coinbase Custody Trust Company will continue serving as custodian, Coinbase will remain the prime broker, and The Bank of New York Mellon will serve as transfer agent and administrator. The registration covers an indeterminate number of shares in a continuous offering structure, with share prices tied directly to underlying Bitcoin Cash holdings and NYSE Arca trading valuations. Currently, BCHG shares trade on the OTCQX market; the conversion elevates them to a major exchange with materially improved liquidity and institutional accessibility.
The filing exemplifies Grayscale's broader strategy to migrate its single-asset crypto trust portfolio onto regulated U.S. exchanges. Concurrent with the BCHG conversion, Grayscale has filed to convert its Litecoin Trust (LTCN) into a spot Litecoin ETF and has already deployed a spot Zcash ETF on NYSE Arca. These conversions operate under NYSE Arca's proposed Rule 8.201-E, a generic listing standard for commodity-based exchange-traded products that the exchange submitted to the SEC on July 30, 2025. This rule framework enables streamlined approval processes for crypto-backed ETFs, reducing regulatory friction compared to product-specific exemptive requests.
The conversion represents a meaningful step toward institutional-grade access to Bitcoin Cash exposure through a regulated ETF wrapper, bridging the gap between the trust's current OTCQX status and the liquidity, tax treatment, and compliance infrastructure of a major exchange listing. Approval remains pending SEC effectiveness of the registration statement.
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