Grayscale has Signaled for the Bitcoin ETF

Grayscale has signaled for the Bitcoin ETF. The company has been preparing a Bitcoin ETF for a while.

The SEC's positive approach to ProShares' ETF based on Bitcoin futures contracts had a huge impact in the market and was seriously reflected in the price. In addition, the aforementioned ETF does not invest directly in BTC, it invests in cash-settled Bitcoin contracts. In these contracts traded on the CME, cash changes hands, not Bitcoin. Therefore, they do not directly affect the demand for Bitcoin. Spot ETFs, on the other hand, are completely different in this respect and investors are eagerly waiting for such ETFs to be approved after futures ETFs. Grayscale, one of the largest investment companies in the cryptocurrency market, was also known to be preparing an ETF. In August, the company recruited David LaValle, who has 20 years of ETF experience, as its global ETF manager. As it is known, Grayscale has a Bitcoin fund with approximately 650 thousand BTC, and this fund has been operating for seven years. Grayscale is preparing to convert this fund into a spot Bitcoin ETF. Barry Silbert, CEO of Grayscale's parent company Digital Currency Group, asked him today, "Barry, when are you going to convert the fund into a BTC-settled spot ETF?" "Stay tuned." said. This response was perceived as a strong message that Grayscale will file with the SEC for a spot Bitcoin ETF. SEC Chairman Gary Gensler is known to be holding back on the spot Bitcoin ETF for now. Gensler has made statements in recent months that he would prefer a Bitcoin ETF based on futures contracts in the CME.