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

#Ripple #XRP

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.

OhNoRipple via https://www.ohnocrypto.com/ @Jordan Lyanchev, @Khareem Sudlow