Institutional asset manager Grayscale has announced that it will convert its GBTC Trust into an exchange-traded fund (ETF) once the United States Securities and Exchange Commission (SEC) becomes "comfortable" with Bitcoin futures ETFs. recently approved.
In a Monday Twitter thread, grayscale communications director Jennifer Rosenthal said the asset manager would proceed with offering an ETF when "the SEC has formally expressed its necessary comfort with the underlying Bitcoin market." The offering would convert the asset manager's Grayscale Bitcoin Trust (GBTC), which first listed in 2013, into an ETF.
โOnce there is official and verifiable evidence of the SEC's comfort with the underlying Bitcoin market, likely in the form of a Bitcoin futures ETF that is deemed to be cash, the NYSE Arca will present a document called 19b-4 to convert $ GBTC in an ETF, โRosenthal said.
The announcement follows ProShares' announcement that its Bitcoin (BTC) ETFs linked to futures begin trading on the New York Stock Exchange under the ticker symbol BITO as of October 19. The filings with the SEC show that the regulator also accepted the registration request In order for Valkyrie's Bitcoin Strategy ETF shares to be listed on the Nasdaq and to be able to accept others in the near future, the SEC currently has several crypto ETF applications under review.
Related: Grayscale Adds SOL and UNI to Large Cap Digital Fund Portfolio
Grayscale also added three cryptocurrencies available to trade through its suite of crypto investment trust products. Signature said its Grayscale Zcash Trust, Grayscale Stellar Lumens Trust, and Grayscale Horizen Trust were now listed on the OTCQX Best Market under the ticker symbols ZCSH, GXLM, and HZEN, respectively.
According to Grayscale, the three trusts are not subject to the SEC's filing and disclosure requirements. The vehicles provide a way for investors to gain exposure to the tokens without directly investing in them. Grayscale offers six other crypto investment products with exposure to Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC) and Litecoin (LTC), as well as a basket of cryptocurrencies through its Digital Large Cap Fund.
Post navigation
