Grayscale Validates Strategies to Convert GBTC into a Bitcoin ETF

The world’s biggest cryptocurrency asset manager, Grayscale, has validated its dedication to convert the GBTC trust into a Bitcoin ETF. The business has actually submitted documents with the US Securities and Exchange Commission showing that it has actually finished all actions before such a transition.

  • Launched in 2013, Grayscale is a digital property manager allowing institutional and certified investors to get exposure to BTC and other cryptocurrencies without worrying about storing and handling the holdings.
  • The company has delighted in the past year or so with an enormous increase of its AUM, which is well above $45 billion since Friday. Just for recommendation, Grayscale ended 2019 with about $2 billion.
  • Naturally, the first introduced item was the Grayscale Bitcoin Trust, which also accounts for the bulk of the business’s holdings with approximately $39 billion.
  • The company has further plans for its most successful trust, according to a current filing with the SEC. In it, Grayscale asserted: “first and foremost we wish to explain: we are 100% dedicated to converting GBTC into an ETF.”
  • The property manager said that its intentions from the start were to finish the shift into an ETF, and it had made the last step a few years ago when GBTC became an SEC-reporting item.
GBTC's Transition into a Bitcoin ETF. Source: Grayscale
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  • ” alt=” GBTC’s Shift into a Bitcoin ETF. Source: Grayscale “width=” 1135″ height=” 560 “sizes= “( max-width: 1135px) 100vw, 1135px” > GBTC’s Transition into a Bitcoin ETF. Source: Grayscale likewise laid out a massive uptick of demand from present customers and potential customers inquiring whether or not the firm will present a Bitcoin ETF. The business made such an attempt numerous years ago, but the SEC rejected it, as it has actually done with every other venture.
  • ” The timing for transforming GBTC to an ETF will be driven by the regulative environment.”– concluded Grayscale’s filing.

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Published at Mon, 05 Apr 2021 13:35:41 +0000

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