Grayscale CEO Michael Sonnenshein on SEC greenlighting spot market BTC exchange-traded fund (ETF) Bitcoin He is of the opinion that there will be a capital influx to (BTC).
In a CNBC Television interview, Sonnenshein said, spot Bitcoin ETF He claims that once their application is approved, a group of investors will begin to turn to BTC.
We’re talking about $30 trillion worth of recommended wealth in the US today, and we hope that the approval of BTC ETFs, the listing of GBTC (Grayscale Bitcoin Trust) will give those investors that opportunity as well.
Grayscale is one of the major investors pushing for a spot-based BTC ETF through its GBTC product.
Grayscale filed a lawsuit with the SEC last year, shortly after the regulator rejected the firm’s proposal to convert the Grayscale Bitcoin Trust (GBTC) into a spot market BTC ETF. Nearly a year after Grayscale filed the lawsuit, a federal judge ruled that the SEC had to avoid arbitrariness and inconsistency. crypto- has decided that the giant should reconsider its application to launch an ETF from its Bitcoin Trust.
At the time of writing, BTC is trading at $42,354.