Grayscale Files to Turn Largest Bitcoin Fund Into an ETF
Posted on 10/21/2021
Grayscale Investments is the world’s largest digital currency asset manager. Grayscale Investments filed with the U.S. Securities and Exchange Commission (SEC) to convert its Grayscale Bitcoin Trust (GBTC) into a bitcoin spot ETF, the company announced in a press release. Grayscale has publicly committed the firm’s intent to convert GBTC as well as its other 14 investment products into ETFs. Grayscale Bitcoin Trust launched in 2013, received a public quotation in May 2015, and became an SEC reporting company in January 2020. At October 19, 2021, the Trust is the largest Bitcoin investment vehicle in the world, holding approximately 3.44% of all Bitcoin in circulation.
According to the press release, “If the ETF is approved, current holders of GBTC will not need to take proactive action; the shares would automatically be converted into shares of the ETF.”
The tactical moves comes after the SEC approved the launch of the ProShares Bitcoin Strategy ETF.
