According to media reports, digital asset management giant Grayscale plans to apply for a spot Bitcoin (BTC) Exchange Traded Fund (ETF).
According to the news reported by CNBC, the company will file an application with the US Securities and Exchange Commission (SEC) in the next few days.
Transferring the views of someone who closely follows the subject, CNBC; As the race for Bitcoin futures-based ETFs continues to heat up, Grayscale stated that it plans to convert GBTC into a spot Bitcoin ETF.
Grayscale currently holds a large amount of BTC in assets under its management, the firm holds these BTC through GBTC and is currently valued at $38.7 billion.
CNBC’s news came after Grayscale founder Barry Silbert talked about the possibility of converting GBTC into a spot-focused ETF.
stay tuned
— Barry Silbert (@BarrySilbert) October 17, 2021
Making a statement on this issue last April, Grayscale company stated that they were determined to convert GBTC into an ETF if the SEC allowed it.
The firm has hired exchange-traded fund pioneer David LaValle to head its ETF division since August, giving the first signals of its confidence in a Bitcoin mutual fund.
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