With the launch of the first Bitcoin futures ETF approved by the US Securities and Exchange Commission (SEC), Grayscale Investments is focusing on the launch of the first US spot BTC ETF.
Grayscale Investment Documents in Spot Bitcoin ETFs Filed with the U.S. Securities and Exchange Commission
Grayscale Investments, the world’s leading digital currency asset management company, today announced that the New York Stock Exchange Arca has filed an application with the US Securities and Exchange Commission (SEC) to convert the Grayscale Bitcoin Trust into a Bitcoin spot ETF.
It’s worth noting that Grayscale made this move shortly after ProShares’ Bitcoin futures went live earlier today after receiving all regulatory approvals from US financial regulators.
Commenting on these developments, Michael Sonnenshein, CEO of Grayscale Investments, said:
“Since 2013, the Grayscale team has worked tirelessly to build GBTC, the largest and most transparent Bitcoin investment tool in the world, while at the same time working with policy makers and regulators to market Bitcoin, Blockchain and Native Bitcoin. established an understanding of trust.”
addition:
“When it became the first cryptocurrency SEC report investment tool, GBTC helped spur the development of the entire digital currency ecosystem. When we applied for the conversion of GBTC to an ETF, this was the natural next step in product development and we thought it was an important moment. For investors, industry partners and everyone who is realizing the potential of digital currencies to change our future.”
It is worth noting that the company has applied for conversion of all digital asset investment tools into ETFs. Currently, the company offers products for Bitcoin, Ethereum, Litecoin, Chainlink and Zcash.
According to the announcement, AuM (AuM) is currently worth $40 billion in US dollars, representing investments by individuals and institutions across all 50 US states.
Will the U.S. Securities and Exchange Commission (SEC) Approve Spot Bitcoin ETFs?
Grayscale is an influential player in the cryptocurrency market, but it remains to be seen whether financial regulators will approve a spot BTC ETF.
The current SEC chairman, Gary Gensler, is reportedly not a spot BTC ETF figure due to a lack of consumer protection from bitcoin price fluctuations. According to the U.S. Securities and Exchange Commission, Bitcoin futures ETFs provide adequate consumer protection.
In related news, BTCmanager reports that Galaxy Digital has filed its own Bitcoin Futures ETF with the U.S. Securities and Exchange Commission.
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