Grayscale Files to Convert Bitcoin Cash Trust to Spot ETF
Bitcoin Cash (BCH)
Editor:
Eugene Serbin
startupfortune.com reports that Grayscale has filed an amended S-3 with the SEC to list its Bitcoin Cash Trust on NYSE Arca under the BCHG ticker. The filing aims to move the trust from OTCQX to a major exchange, a move that coincided with Bitcoin Cash rising 8.48% to $251.58 on CoinMarketCap and closing at $255.47 on September 18. Grayscale’s June 30, 2026, net asset value stood at $76.6 million, with each share representing approximately 0.0081 BCH.
Coinbase serves as the prime broker and Coinbase Custody Trust Company as the custodian for the structure. If the registration becomes effective, creations and redemptions will occur in 10,000-share baskets via cash orders. The trust previously traded at premiums as high as 1,852% and discounts as steep as 59% against NAV between August 2020 and June 2026.
This move follows a pattern established by Grayscale’s Bitcoin trust, which became the spot Bitcoin ETF GBTC in January 2024. The filing is part of a broader push to convert single-asset crypto funds beyond Bitcoin and Ethereum, leveraging SEC standards approved in September 2025. While the product is not yet trading, the announcement has provided a cleaner Wall Street wrapper for the coin, which forked from Bitcoin in 2017.
How the market reacted
Whalio's own Binance spot order flow for BCH, measured when this story was written up on 19 September 2026. Not the outlet's figures.
Whalio spot data shows Bitcoin Cash trading at $255.40 with a 24-hour buy ratio of 44.5%, indicating a slight imbalance toward sellers. Short-term pressure shows divergence, with the 1-hour buy ratio at 43.1% while the 4-hour ratio rises to 54.4%, suggesting buying interest is stabilizing after an initial dip. Volume delta reflects this shift, turning positive at +$161,055 over 4 hours compared to a negative -$86,161 in the last hour. Over 24 hours, the volume delta remains negative at -$2,938,436, with cumulative volume delta closing at -$2,219,675. This indicates that while short-term buyers are stepping in, the broader daily flow is still dominated by net selling. Spot volume reached $26,313,669 across 176,066 trades, with net buying occurring in only 12 of the last 24 hours.
The latest daily buy ratio of 52.0% sits at the 60th percentile of the last 324 days, against a median of 50.8% - ordinary for this coin.
Was that an ordinary day?
The same Binance spot measurements for BCH, averaged over the days leading up to the story.
Compared to the preceding week, today’s buy ratio of 44.5% is 1.3 percentage points below the 7-day average of 45.8%. Trading activity is significantly elevated, with spot volume reaching 2.34 times the weekly average. Despite the higher volume, the 8-day volume delta totals -$8,051,295, confirming that selling pressure has outweighed buying over the full week. Price has increased by 11.9% over the eight-day period, with net buying recorded on only 3 of the 7 days. This suggests that while the asset has gained value, the current day’s volume spike is not accompanied by the strongest relative buying pressure seen in the recent trend.