Digital asset management giant Grayscale is reportedly planning to apply for a spot Bitcoin (BTC) exchange-traded fund (ETF).
According to CNBC, the firm is set to file the application with the U.S. Securities and Exchange (SEC) in the coming days.
Citing a person familiar with the matter, CNBC says Grayscale expressed its intention to convert its Bitcoin investment product GBTC into a spot ETF as the race for the Bitcoin futures-based ETF heats up.
Unlike Bitcoin futures ETF, which would be linked to derivative contracts tied to BTC, a spot Bitcoin ETF would be directly backed by the benchmark cryptocurrency. Grayscale already holds a sizeable amount of BTC through GBTC, which currently has $38.7 billion in assets under management (AUM).
CNBC’s report comes as Grayscale founder Barry Silbert teases the possibility of converting GBTC into a spot-driven ETF.
— Barry Silbert (@BarrySilbert) October 17, 2021
In April, Grayscale said that it is 100% committed to converting GBTC into an ETF if and when the SEC allows it.
By August, the firm hired exchange-traded fund pioneer David LaValle to head its ETF division, signaling that the crypto investment giant is pushing for a Bitcoin exchange-traded fund.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/IM_VISUALS