Grayscale Reminds Everyone of Its Plans to Convert Its BTC Fund into a Spot ETF

0
2598

On a published tweet late Monday, Grayscale Investments reminded everyone of its intention to render the most prominent Bitcoin (BTC) fund in the world, Grayscale BTC Trust, into an official spot exchange-traded fund (ETF).

Grayscale’s communications director, Jennifer Rosenthal, states that the company is just waiting for the Securities and Exchange Commission (SEC) to be a bit more comfortable with the current state of the BTC market before they officially file for the aforementioned transition. Rosenthal also mentioned that the recent approval of the regulators on a Bitcoin Futures ETF in the US, namely the ProShares Bitcoin Strategy ETF, plays a massive role in its developing comfort towards BTCs.

Grayscale’s latest moves, including announcing its three altcoin funds, Grayscale Horizen Trust, Grayscale Stellar Lumens, and Grayscale Zcash Trust, are now becoming available on the OTC market, is all part of its overarching goal of transforming all of its private funds into official ETFs. And after doing so, reports indicate that Grayscale would like to turn all of them into SEC reporting entities, much like what it has done with its BTC and ETH trusts earlier.

Once Grayscale successfully submits its filing with the SEC, the standard 75-day review period may now officially commence.

LEAVE A REPLY

Please enter your comment!
Please enter your name here