The asset manager reportedly waited for the SEC to approve a futures-based Bitcoin ETF before filing its own application for a GBTC fund
Grayscale may be preparing to restructure its Bitcoin trust into an exchange-traded fund (ETF), potentially filing the conversion application just days after the SEC reportedly approved ProShares’ futures-based Bitcoin ETF.
Sources cited by CNBC indicate Grayscale planned to submit its ETF filing to the SEC shortly after the U.S. regulator approved its first futures-based Bitcoin ETF.
Barry Silbert, CEO of Digital Currency Group, also hinted that the asset manager would submit its application on Sunday, October 17.
Following the SEC’s decision to approve the ProShares ETF, Silbert took to Twitter to share his view, expressing skepticism about the long-term suitability of futures-based ETFs. He wrote: “Friends don’t let friends buy and hold futures-based ETFs.”
When Preston Pysh of InvestorsPodcast.com asked whether Grayscale would convert its well-known Bitcoin trust into an ETF, the DCG chief replied simply, “wait and see.”
Bitcoin’s price surged after ETF news
Once the filing is submitted, the SEC generally has 75 days to review the application, with the option to extend that review period — a process the regulator has followed with similar filings in the past.
Like other filings submitted for spot Bitcoin ETFs, Grayscale’s proposed fund would be backed by actual Bitcoin. Many in the crypto community have sought this product for years, and interest has increased now that the SEC is beginning to approve funds tied to derivatives contracts.
The approval of a futures-based Bitcoin ETF boosted market sentiment markedly, pushing the cryptocurrency’s price to nearly $63,000 on October 17.
At the time of writing, BTC/USD is trading around $62,606, according to CoinGecko. The digital asset has gained roughly 2.3% over the past 24 hours and could continue climbing toward its record high near $65,000.