Grayscale’s Spot Bitcoin ETF Incoming? Plans to File for Converting its Trust (Report)

Grayscale’s Spot Bitcoin ETF Incoming? Plans to File for Converting its Trust (Report)

The world’s largest cryptocurrency investment vehicle – Grayscale – plans to file to turn its BTC Trust into a Bitcoin spot ETF next week. This comes amid numerous reports claiming that the SEC has finally decided to greenlight an exchange-traded fund tracking the performance of bitcoin, even if it’s a futures one.

  • Citing people familiar with the matter, CNBC reported that Grayscale will file an application with the Securities and Exchange Commission to convert the Bitcoin Trust into a spot ETF next week.
  • Once the company completes its filing, the Commission will begin a 75-day reviewing period.
  • According to the sources, Grayscale has decided to act now because of the latest developments on the SEC-Bitcoin ETF front.
  • As reported last week, several reports emerged indicating that the agency has finally decided to allow a Bitcoin futures ETF to go live in the States.
  • The largest cryptocurrency asset manager has strived for years to covert the Bitcoin Trust into an exchange-traded fund tracking the performance of the primary digital asset.
  • Earlier this year, the company outlined its plans once more. It took it a step further shortly after by partnering with America’s oldest bank – BNY Mellon. The institutions will provide the Grayscale Bitcoin Trust with the necessary fund accounting and administration.
  • Later on, Grayscale appointed David LaValle – a former executive at Alerian and S-Network Global Indexes – to help it in the process of converting the largest BTC fund into an ETF.
  • According to the Friday, October 15th, update, the company had more than $52 billion in AUM. Somewhat expectedly, the Bitcoin Trust had the largest share with nearly $38 billion.
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