Institutional investment giant Grayscale stated that they are considering converting the Bitcoin Trust into an exchange-traded fund (ETF) and that they have plans to apply to the US Securities and Exchange Commission in this context.
Jennifer Rosenthal, communications director of the Grayscale company, shared on her Twitter account that as the Grayscale company, they are ready to apply for approval to the SEC as soon as a clear and official indication comes from the SEC.
.@Grayscale‘s position has always been clear: we are 100% committed to converting $GBTC — and our product family — into ETFs, when the SEC has *formally* expressed their requisite comfort with the underlying Bitcoin market.
— Jennifer Rosenthal (@jenn_rosenthal) October 18, 2021
“During the weekend, we read about the Bitcoin futures ETF from reputable media outlets and analysts. I am happy to confirm this today. We will file as soon as we receive an official sign from the SEC to convert GBTC into an ETF.”
Grayscale’s ETF application will be for spot ETF transactions. There are already many spot Bitcoin ETF applications pending before the SEC. To date, the SEC has not made a decision on these and has continually extended its decision-making time. While it remains unclear how the SEC will decide on spot ETFs, new filings continue.
Grayscale currently has $53 billion in crypto assets under its management. GBTC holds the title of being the largest BTC fund with 650,000 Bitcoins.