Grayscale Investments, the world’s largest digital asset manager, has launched a campaign to persuade the Securities and Exchange Commission (SEC) to approve its bitcoin spot ETF application. Grayscale wants to turn its $25.7 billion bitcoin trust (GBTC) into a bitcoin spot ETF.
Asset Managers Push for Bitcoin Spot ETF Approved
Grayscale Investments announced the launch of a campaign on Tuesday to “educate and encourage American investors to submit comments” on its SEC application to convert Grayscale Bitcoin Trust (OTCQX: GBTC) to a spot bitcoin ETF. With $25.7 billion in assets under management, GBTC is the company’s largest investment product.
NYSE Arca, the exchange that will list and trade shares of the new bitcoin ETF if it is approved, filed the application on Oct. 19. On December 15, the SEC extended the time frame for considering Grayscale’s application. On February 4, the Commission requested public feedback on the application.
So far, the SEC has only approved bitcoin futures ETFs. The Securities and Exchange Commission continues to reject bitcoin spot ETF applications.
“American investors should have a choice in how to obtain bitcoin exposure,” said Grayscale CEO Michael Sonnenshein, emphasising that “it is clear we have reached a tipping point in the adoption of digital assets.”
“Maintaining the regulatory status quo may appear to be the safe option, but failing to keep pace with change is the far riskier path for Main Street investors and our country,” he continued.
Grayscale has launched a dedicated campaign page in order to educate and inspire American investors to take action and persuade the SEC to approve its application to convert GBTC to a spot bitcoin ETF.
The CEO continued, “The hundreds of comments already submitted in support of GBTC’s conversion to an ETF demonstrate that this issue is extremely important to investors.”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.