The institutional asset manager Grayscale has announced that it will convert its GBTC Trust into an exchange-traded fund as soon as the US Securities and Exchange Commission becomes “comfortable” with the recently approved Bitcoin futures ETFs.
On an October 18 Twitter thread, Jennifer Rosenthal, Grayscale’s communications director, said called that the asset manager would offer an exchange-traded fund or ETF, when “the SEC has formally approved the underlying Bitcoin market.” The offer would convert the asset manager’s Grayscale Bitcoin Trust (GBTC), first traded in 2013, into an ETF.
Once there is official and verifiable evidence of the SEC’s convenience with the underlying Bitcoin market, likely in the form of a Bitcoin futures ETF that will be considered cash, the NYSE Arca will issue a paper called 19b-4 to. submit to convert USD GBTC into an ETF ????, said Rosenthal.
The announcement comes after ProShares announced that its futures-linked ETF on Bitcoin (BTC) will start trading tomorrow on the New York Stock Exchange under the symbol BITO. Filings to the SEC indicate that the regulator has also accepted filing for registration to list Valkyrie’s Bitcoin Strategy ETF shares on the Nasdaq, with other potential follow-up action – the SEC is currently considering several filings from Crypto ETF.
Grayscale also added three cryptocurrencies available for trading through its suite of crypto investment trust products. The company announced that Grayscale Zcash Trust, Grayscale Stellar Lumens Trust and Grayscale Horizen Trust are now listed in the OTCQX Best Market under the ticker symbols ZCSH, GXLM and HZEN, respectively.
According to grayscale, all three funds are not subject to the filing and disclosure requirements of the SEC. The vehicles offer investors the opportunity to get involved in the tokens without investing in them directly. Grayscale offers six additional crypto investment products with exposure to BTC, Ether (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC) and Litecoin (LTC) through its Digital Large Cap Fund.