Grayscale Investments, LLC has completed a corporate reorganization effective January 1, 2025, which has led to the merger of Grayscale Investments with Grayscale Operating, LLC, and the subsequent assignment of certain contracts to Grayscale Investments Sponsors, LLC. This internal restructuring is not expected to affect the Trust's operations.
On January 1, 2025, Grayscale Investments, LLC ("GSI") underwent an internal reorganization, resulting in its merger with Grayscale Operating, LLC ("GSO"), with GSO emerging as the surviving entity. This reorganization was part of a strategic move within the Digital Currency Group, Inc. family of companies. The merger was enacted under the Delaware Limited Liability Company Act, transferring all rights, powers, and obligations of GSI to GSO.
In conjunction with the reorganization, GSO assigned its sponsor-related contracts for the Grayscale Litecoin Trust (LTC) to a newly created entity, Grayscale Investments Sponsors, LLC ("GSIS"). This assignment includes agreements with key service providers such as Coinbase (NASDAQ:COIN), Inc., and Foreside Fund Services, LLC, ensuring continuity in the Trust's operations. The assignment was formalized through a series of agreements dated January 1, 2025, and December 20, 2024.
Furthermore, GSIS was admitted as an additional sponsor of the Trust, as per the Trust Agreement. On January 3, 2025, GSO initiated a voluntary withdrawal as a sponsor of the Trust, which will take effect after a 120-day notice period. Following this period, GSIS will become the sole sponsor of the Trust.
The Grayscale Litecoin Trust, which is registered with the SEC under the symbol LTCN, is a financial vehicle that allows investors to gain exposure to the price movement of Litecoin through a traditional investment vehicle without the challenges of buying, storing, and safekeeping Litecoin directly.
The details of these corporate changes are documented in the exhibits attached to the SEC filing, which include the various assignment agreements. This announcement is based on the information provided in the SEC filing by Grayscale Operating, LLC.
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