Grayscale, the world’s largest crypto asset manager, has revealed its plans to convert its Bitcoin trust into an exchange-traded fund (ETF).
The firm confirmed its new push in an April 5 filing with the U.S. Securities and Exchange Commission (SEC). Two of the firm’s products (GBTC and ETHE) are on the shortlist to be converted to ETFs. Grayscale said:
In recent months there’s been a growing number of questions around the possibility of a Bitcoin ETF in the US, and we’d like to take the opportunity to provide clarity and context on what such a development would mean at Grayscale and for Grayscale® Bitcoin Trust (Symbol: GBTC). First and foremost we wish to make clear: we are 100% committed to converting GBTC into an ETF.
According to a separate document detailing the roadmap for the funds, each trust fund will fall into four categories of development – private placement, publicly-listed, SEC reporting, and ETF.
Following its reentry to the Bitcoin ETF scene, Grayscale has joined a growing list of companies waiting on the SEC for approval.