Grayscale Investments and the New York Stock Exchange have applied to convert the Grayscale Bitcoin Trust (GBTC), which holds approximately $40 billion worth of bitcoin under management, into an exchange-traded fund.
NYSE Arca has submitted to the US Securities and Exchange Commission (SEC) form 19b-4 that Grayscale’s bitcoin spot exchange traded fund requested to be listed.
Grayscale’s application coincides with the day when the Bitcoin Strategy ETF (BITO), created by ProShares, which received the green light from the SEC, will begin trading on the stock market.
ProShares’ exchange-traded fund will invest directly in bitcoin futures contracts, not bitcoin, while Grayscale spot bitcoin will be featured aims to establish a fund.
Dave LaValle, Grayscale’s director of ETFs, said: “If regulators do not see a problem with an exchange-traded fund that will place futures contracts on a certain asset, we think that there should be no problem with an exchange-traded fund that reflects the spot price of the same asset.” made a statement.
Michael Sonnenshein, the CEO of Grayscale, which has a total of 53.5 billion dollars of digital assets under his management, said that this development “A turning point for its investors and partners in the industry” described as.
SEC’s application by Grayscale approval, rejection or postponement The evaluation process, in which a decision will be taken to take a decision, started as of the date of application.