Grayscale wants to turn GBTC into a Bitcoin ETF
The CEO of digital asset management firm, Grayscale, has revealed that the company is working towards turning its flagship Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF. He made this known during an interview with CNBC earlier today.Michael Sonnenshein told CNBC that he is confident that a Bitcoin ETF would be launched in the United States despite the US Securities and Exchange Commission (SEC) rejecting several proposals in recent years. “I think in our seat, from our view of the world, we’re really looking for a couple of different points of maturation in the underlying market, and that’s really the final stages of what we think regulators need to approve those types of products and give investors the protections that they’re looking for,” he added.
The asset management firm partnered with US banking giant BNY Mellon last week. Per the agreement, BNY Mellon will provide services to GBTC when it transforms into a Bitcoin ETF.
SEC is reviewing nine Bitcoin and two Ether ETFs
At the moment, the SEC is reviewing nine Bitcoin ETFs from various firms, including Ark Invest, Wisdom Tree, Fidelity and VanEck. The commission has delayed its decisions on four Bitcoin ETF proposals.The exchange is also reviewing two Ether ETFs submitted earlier this year. While the US is yet to approve a Bitcoin ETF, Canada has already approved a few Bitcoin and Ether ETFs.
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