Grayscale - Bitcoin Powerhouse - Files With SEC To Bring Spot ETF To Market
Grayscale Bitcoin Trust is the largest bitcoin investment vehicle on the planet. The have recently filed with the SEC to convert their trust into a bitcoin spot ETF.
This move comes right after the ProShares Strategy ETF was approved on Tuesday Oct 19 2021 by the securities and exchange commission.
The GBTC TRUST holds approximately 3.44% of all btc in circulation. Established in 2013 Grayscale currently has close to $40 billion dollars in AUM.
The Grayscale ETF would be a spot market product that would be backed by units of btc and not by derivatives. This is the specific type of ETF the crypto market needs.
If they were able to pull this off it would usher in 100’s of billions of dollars of inflows into the market driving bitcoin’s price up further then any bs futures etf ever could.
But with Gary Gensler holding the reins over at the SEC who knows what can happen.
It does though seem as of late that many companies are in a rush to bring forth new investment products to the market. The marriage of traditional financial instruments and crypto currencies are at the forefront of this developing space.
It will be very exciting to see how the rest of this year unfolds.
It’s been a big one so far.
Jk
