Grayscale Files To Convert $38 Billion Bitcoin Trust To Spot ETF

Grayscale Investments, the world’s largest crypto currency asset manager announced today that the NYSE Arca has filed to convert the firm’s flagship product, the Grayscale Bitcoin Trust (GBTC) into a Bitcoin Spot ETF.

The filing comes on the first day the ProShares Bitcoin Futures ETF, the first Bitcoin ETF in the U.S., began trading. The proposed ticker for the Bitcoin spot ETF is BTC.

Craig Salm, Vice President and Head of Legal at Grayscale Investments commented, “Today we saw for the first time a Bitcoin Futures ETF trade on the NYSE. It is our belief that if the SEC is now good with Bitcoin futures, then the commission should also be comfortable with an ETF that holds Bitcoin. Our spot filling starts a 240 day review period, by that 240th day the SEC will either approve or disapprove that application, though it could be approved sooner.”