Digital currency investing and cryptocurrency asset management firm Grayscale Investments LLC is seeking to convert the world’s biggest BItcoin fund into an exchange-traded fund (ETF).
- Grayscale has filed to convert its $40-billion Grayscale Bitcoin Trust, which would become the first American ETF investing in futures on the digital asset.
- The Securities and Exchange Commission (SEC) has given the go-ahead for the derivatives-based product to launch but has yet to permit the structure used by Grayscale, which directly holds the largest cryptocurrency.
- Grayscale Chief Executive Officer Michael Sonnenshein said the firm is 100% committed to converting the GBTC into an ETF as soon as approved by American regulators.
Grayscale in August tapped a global ETF to further its efforts to shift to the ETF, with the approval of the Bitcoin ETF likely only in a matter of time.
BTC is up 1.38%
Source: Bloomberg
