Grayscale Bitcoin Trust Intends to File a US Bitcoin ETF
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Grayscale Bitcoin Trust Intends to File a US Bitcoin ETF

March 13, 2021      Deepshikha Gupta

The company holding world’s largest crypto funds, Grayscale Bitcoin Trust, is interested in filing for a US Bitcoin ETF. According to the CEO of Grayscale, it is a matter of “When, not if” the US validates a Bitcoin ETF. From the latest, the $37 billion Grayscale Bitcoin Trust (GBTC) is the world’s biggest crypto firm. Also posted a number of ETF-related job announcements.  

Grayscale Waiting for the Green Signal

Michael Sonnenshein, the CEO of Grayscale Investments is waiting for the regulators to give a green signal to the US Bitcoin ETF.  Sonnenshein on Friday said;

When we get the signal that perhaps they have greater comfort and have seen some of [the] elements in the market mature, we would continue to look to be engaged in those discussions.

The Chief Executive said he believed it is a “matter of when not if” US regulators give cryptocurrency ETFs the green light. However, he said he does not want to second-guess the SEC, as “ultimately those decisions are in the hands of regulators.”

He said: “We’re certainly seeing positive receptivity from our investors as we not only launch more products but also think about offering additional product structures. And as a result of that, we certainly want to make sure we can continue to stay in front of investor demand.”

The US SEC yet to Approve Bitcoin ETF

The positive statement from the CEO fostered speculations that Grayscale will file an exchange-traded fund, which is not yet so. However, the company is on to convert GBTC into an exchange-traded fund but is voluntarily out of the process.

Coming to the US exchange commission, which is yet to approve the Bitcoin ETF, is ogling a few applications, including from VanECK

Sonnenshein said Grayscale was “of the belief that a bitcoin ETF would be something that would be well received by the investment community.”

“It’s a product structure they’re obviously now quite familiar with, given the popularity of ETFs, as well as a product structure that has been widely used across all different types of investor portfolios.”

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#Bitcoin ETF #Grayscale #Grayscale Bitcoin Trust (GBTC) #US Bitcoin ETF
Deepshikha Gupta
Deepshikha Gupta

A student from a technical background, Deepshikha found Bitcoin in 2020 and has been an evangelist ever since. A B.Tech turned into a full-time crypto-writer, she tries to bridge the gap that currently exists between the crypto world and people from non-technical backgrounds, through her simplistic yet effective form of writing. She finds that her writing for cryptocurrencies can redefine the way the audience interacts with the crypto space.