Grayscale wants to convert its Bitcoin trust into an ETF

Grayscale wants to convert its Bitcoin trust into an ETF

Grayscale, the world’s largest crypto asset manager, has revealed its plans to convert its Bitcoin trust into an exchange-traded fund (ETF).

The firm confirmed its new push in an April 5 filing with the U.S. Securities and Exchange Commission (SEC). Two of the firm’s products (GBTC and ETHE) are on the shortlist to be converted to ETFs. Grayscale said:

In recent months there’s been a growing number of questions around the possibility of a Bitcoin ETF in the US, and we’d like to take the opportunity to provide clarity and context on what such a development would mean at Grayscale and for Grayscale® Bitcoin Trust (Symbol: GBTC). First and foremost we wish to make clear: we are 100% committed to converting GBTC into an ETF.

Grayscale had initially applied for an EFT in 2016. However, the application was withdrawn on regulatory grounds. The firm has not given any concrete details on the timeline for the new efforts. Instead, it asserted that “the timing will be driven by the regulatory environment.”

According to a separate document detailing the roadmap for the funds, each trust fund will fall into four categories of development – private placement, publicly-listed, SEC reporting, and ETF.

Following its reentry to the Bitcoin ETF scene, Grayscale has joined a growing list of companies waiting on the SEC for approval.

Read more