Grayscale Filed A Conversion Application For The Bitcoin Fund

Grayscale filed a conversion application for the Bitcoin fund. Grayscale started the official process with the New York Stock Exchange.

Grayscale Investment has started the official process with the New York Stock Exchange to convert the world's largest Bitcoin fund into an Exchange Traded Fund (ETF). Grayscale's application to convert the largest Bitcoin fund into an ETF was on the day of the opening of ProShares' Bitcoin ETF. While the ProShares ETF houses derivatives and futures instruments associated with cryptoassets, the US capital markets regulator SEC only allowed derivatives-based cryptoassets to be held. The Grayscale Bitcoin fund, on the other hand, directly holds cryptocurrencies, and the SEC has not yet approved it. Thus, the SEC's chance to reject or delay funding for Grayscale's application emerged. Grayscale CEO Michael Sonnenshein said that the company is 100 percent determined to convert the existing fund into an exchange-traded fund. Grayscale had hired a global ETF manager in August and began preparing the infrastructure for the fund's conversion to an ETF. Sonnenshein said, “As a company that believes that spot and futures pricing in Bitcoin are highly interrelated, we want Bitcoin futures ETFs to be on the market, but we also want spot ETFs to be on the market.”