What You Need to Know
- The NYSE has just filed with the SEC to list the Grayscale Bitcoin ETF.
- The filing was made just one day after the SEC approved the trading of the first Bitcoin futures ETF.
- Grayscale CEO Michael Sonnenshein said that approval amounted to “a blessing to the entire Bitcoin market.”
An hour before the first Bitcoin futures ETF started trading on the New York Stock Exchange, Grayscale announced the same exchange has filed with the Securities and Exchange Commission to convert its flagship Bitcoin Trust to a Bitcoin spot ETF.
The Grayscale ETF would trade on the NYSE, which is required to file Form 19b-4 to list a new ETF.
If allowed, the Grayscale Bitcoin ETF would be the largest Bitcoin-linked fund with nearly $40 billion in assets distributed across 700,000 accounts. Grayscale had previously announced its intention to convert the trust.
“We believe that if regulators are comfortable with ETFs that hold futures of a given asset, they should also be comfortable with ETFs that offer exposure to the spot price of the same asset,” said Dave LaValle, global head of ETFs at Grayscale Investments, in a statement. He was referring to the ProShares Bitcoin Strategy ETF, which started trading Tuesday on the NYSE.
What Your Peers Are Reading
LaValle added that the Grayscale Bitcoin Trust (GBTC) “proves that there’s strong investor demand for physically backed Bitcoin investment vehicles.”