Grayscale enters the fight for the approval of a Bitcoin ETF along with many others.
Grayscale, founded in 2013 and introduced the BBC Bitcoin Trust (GBTC), now has $34 billion in managed assets. But it is not just that. Grayscale has a number of other publicly traded cryptocurrency products, making it the world’s largest asset manager for digital currencies.
“In recent months there has been a growing number of applications regarding the possibility of a Bitcoin ETF in the US and we would like to take this opportunity to make clear what such a development would mean for Grayscale and the Grayscale Bitcoin Trust GBTC,” the company announced. “First of all, we want to make it clear that we are 100% committed to converting GBTC to ETF.”
Grayscale has previously applied for the approval of a Bitcoin Marketable Mutual Fund. Specifically, this had happened in 2016. The application was eventually withdrawn because the company’s executives “believed that the regulatory environment for digital assets had not progressed to such an extent as to allow such a product to be marketed successfully.”
“We remain firm in our commitment to convert GBTC to ETF, although when this will be done will be determined by the regulatory environment, while the management fees will be reduced accordingly. “