Grayscale Confirms They Have Plans To Convert GBTC Into Bitcoin ETF
Grayscale Investments recently confirmed its plan to file for its bitcoin trust (GBTC) to be converted into a bitcoin (ETF). According to Grayscale’s official, the NYSE Arca will file a document called the 19b-4 to convert GBTC into an ETF.
Grayscale Investments has confirmed that it will convert its flagship product, Grayscale Bitcoin Trust (GBTC), into a bitcoin exchange-traded fund (ETF). Jennifer Rosenthal, Grayscale’s communications director, tweeted Monday:
“Today, I’m happy to confirm that Grayscale will file for GBTC to be converted into an ETF as soon as there’s a clear, formal indication from the SEC.”
Today, I’m happy to confirm that @Grayscale *WILL* file for $GBTC to be converted into an #ETF as soon as there’s a clear, formal indication from the SEC.
“Grayscale’s position has always been clear: we are 100% committed to converting GBTC — and our product family — into ETFs, when the SEC has formally expressed their requisite comfort with the underlying bitcoin market.”
According to Rosenthal, there are positive developments within the SEC, including the approval of a futures-based bitcoin ETF that is expected to start trading Tuesday. The bitcoin futures ETF from Proshares will trade under the ticker symbol “BITO” on the NYSE.
Rosenthal further explained:
“Once there’s official and verifiable evidence of the SEC’s comfort with the underlying bitcoin market — likely in the form of a bitcoin futures ETF being deemed effective — the NYSE Arca will file a document called the 19b-4 to convert GBTC into an ETF.”
Grayscale’s total assets under management (AUM) is $53.5 billion as of October 18, with GBTC holding about $39.77 billion.
The CEO of Grayscale, Michael Sonnenshein said:
“There is a lot of excitement for regulators finally allowing a bitcoin anything onto a national securities exchange … When you look at the structure of a bitcoin futures product, there is going to be an impact to investors.”
