Grayscale will convert Bitcoin Trust into ETF

Michael Sonnenshein, CEO of the financial company, considers that the arrival of these financial instruments on the market is imminent

Grayscale, the world’s largest crypto fund manager, is preparing to convert the Bitcoin Trust into an ETF as soon as possible. Meanwhile, the United States Securities and Exchange Commission (SEC) continues to postpone the approvals of the applications of the different financiers for their Bitcoin funds (ETF) traded on the stock market.

Michael Sonnenshein, CEO of the financial company, pointed out that their biggest concern is when the SEC will approve the proposal. Like other market benchmarks, Sonnenshein is confident that the arrival of these financial instruments is imminent, and said that the growing adoption of large long-term investors will be helpful.

At the moment, the most similar to an ETF are the BTC funds, being the Grayscale Bitcoin Trust, the most important in the market. The executives of the firm have already assured that it will become an ETF as soon as it is feasible.

Grayscale recently partnered with BYN Mellon bank to obtain banking services on its Bitcoin Trust and eventual ETF. The CEO of the financial company considers that with the alliance they are “100 % committed to converting the GBTC into an ETF when the regulatory approvals are ready.”

Other financial companies like VanEck, SkyBridge Capital or Goldman Sachs,  as well as Grayscale, have also presented the corresponding documentation for their ETFs and are waiting for a favorable resolution from the US body.

M. Rodriguez

Source: criptomonedaseico

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