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.
SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


.custom-author-info{ border-top:none; margin:0px; margin-bottom:25px; background: #f1f1f1; } .custom-author-info .author-title{ margin-top:0px; color:#3b3b3b; background:#fed319; padding:5px 15px; font-size: 20px; } .author-info .author-avatar { margin: 0px 25px 0px 15px; } .custom-author-info .author-avatar img{ border-radius: 50%; border: 2px solid #d0c9c9; padding: 3px; }

The post appeared first on CryptoPotato

Buy Bitcoin with Credit Card

BitMex Leverage Trading

Automated Trading Bot

Related Posts

Leave a Reply

Bitcoin (BTC) $ 68,817.44 0.25%
Ethereum (ETH) $ 2,437.22 0.87%
Tether (USDT) $ 1.00 0.05%
BNB (BNB) $ 559.86 0.16%
Solana (SOL) $ 161.91 0.32%
USDC (USDC) $ 1.00 0.00%
XRP (XRP) $ 0.514268 1.98%
Dogecoin (DOGE) $ 0.168334 11.60%
Lido Staked Ether (STETH) $ 2,436.38 0.90%
TRON (TRX) $ 0.162269 1.63%