Grayscale Investments, a cryptocurrency asset manager, has announced it remains committed to converting Grayscale Bitcoin Trust (GBTC) into an exchange traded fund (ETF). However, the company emphasized the timing will be driven by the "regulatory environment."
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"When GBTC converts to an ETF, shareholders of publicly-traded GBTC shares will not need to take action and the management fee will be reduced accordingly," the fund said in a blog announcement.
While Grayscale's products are at various stages of lifecycle, it plans to convert all of them into an ETF when permissible, the fund pointed out. The fund's statement about converting GBTC into an ETF comes after Fidelity filed an application to launch an ETF based on bitcoin (EXANTE: Bitcoin). In addition to Fidelity, Goldman Sachs, Wisdom Tree, SkyBridge, and Galaxy Digital also focused on launching crypto-related ETFs.
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