Grayscale Is Determined to Turn GBTC to be the First Approved Bitcoin ETF in the US

0
2489

Grayscale remains undeterred with its effort to turn its offered products, the GBTC and ETHE, to become official exchange-traded funds, or ETFs, despite its now-many failed attempts over the past few years. According to the firm’s latest published roadmap, the two aforementioned funds are once again on the short-list of products to possibly become proper ETFs, thus, renewing Grayscale’s determined push to host the very first BTC ETF within the United States.

Although the firm hasn’t released any concrete timeline for such plans as of yet, it has notably confirmed its re-application with the US Securities and Exchange Commission (SEC) to one day offer an ETF, as per its blog post.

While Grayscale may be 100% into the idea of converting GBTC into a bona fide BTC ETF, the US approval for such a fund has remained one of the seemingly unsurpassable feats currently within the whole crypto industry. In direct contradiction to some of its neighboring countries, such as Canada, the US SEC has remained adamant about rejecting ETF applications for years.

The blog post then further notes that Grayscale withdrew its ETF application from 5 years ago due to the belief that the regulatory landscape back then hasn’t advanced enough for such products to successfully thrive on the market. However, the digital assets environment is now completely different as cryptos have officially penetrated the mainstream. As the number of institutional investors committing substantial money on cryptos continues to rise, so too is the confidence of Grayscale that maybe its application would now get its long-awaited approval.

LEAVE A REPLY

Please enter your comment!
Please enter your name here