Grayscale plans to apply to turn Bitcoin fund into spot ETF
Crypto asset investment company Grayscale has plans to file an application this week to convert its Bitcoin (BTC) investment trust into an Exchange Traded Fund (ETF), CNBC published the story on Friday.
Grayscale is a major asset management company providing crypto-related investment products to institutional investors and individual qualified investors. At the time of writing, the company’s total AUM amounted to $52.6 billion, of which the company’s Bitcoin fund GBTC accounted for 70% of the same.
According to the anonymous source, Grayscale has been waiting for any Bitcoin futures-based ETF to approve before submitting its physical ETF application to the US SEC.
The source explained that the application would be subjected to a 75-day review period if and when it would be submitted.
Grayscale previously showed its willingness to apply for a Bitcoin ETF after filing an application in 2017. However, the company soon withdrew the application after the SEC indicated that it would not approve it.
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