Crypto Titan Grayscale to Sign Up for Bitcoin Exchange Traded Funds Now: Report

Digital asset management giant Grayscale is reportedly setting up to indicator up for a spot Bitcoin (BTC) exchange-traded fund (ETF).

According to CNBC, the enterprise will file a filing with the United States Securities and Exchange Commission (SEC) in the coming days.

Citing a man or woman acquainted with the matter, CNBC stated Grayscale has expressed its intention to flip its Bitcoin investment product or service GBTC into a spot ETF as the race for an ETF based mostly on Bitcoin futures heats up.

Unlike a Bitcoin futures ETF, which will be linked to derivatives contracts linked to BTC, a spot Bitcoin ETF will be straight backed by the regular cryptocurrency. Grayscale by now owns a sizeable volume of BTC via GBTC, at the moment getting $38.seven billion in assets below management (AUM).

The CNBC report comes as Grayscale founder Barry Silbert is teasing the chance of creating GBTC a spot-oriented ETF.

preserve steady

– Barry Silbert (@BarrySilbert) October 17, 2021

In April, Grayscale stated one hundred% anxious to convert GBTC to an ETF if and when the SEC lets it.

In August, the enterprise employed a pioneer of exchange-traded money David LaValle to lead its ETF division, signaling that the crypto investment giant is marketing a Bitcoin exchange-traded fund.

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