Investment firm Grayscale has announced that NYSE Arca has filed Form 19b-4 with the US Securities and Exchange Commission (SEC) to convert its Bitcoin Trust (GBTC) into a bitcoin (EXANTE: Bitcoin) spot exchange traded fund (ETF). The New York-based firm says the decision comes on the heels of the SEC's green light of a bitcoin futures ETF.
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Grayscale CEO, Michael Sonnenshein, said in a press release that the conversion is an important moment for its investors and all those "who realize the potential of digital currencies to transform our future." Besides GBTC, Grayscale also intents to eventually convert all other 14 investment products into ETFs.
As of press time, GBTC's assets under management amount to nearly $40 billion from individuals and institutions across all states in the US. This is Grayscale's largest trust with approximately 3.44% of all bitcoin in circulation. Earlier this month, the SEC approved the first US bitcoin futures ETF from ProShares — Bitcoin Strategy ETF. The ETF is available at the New York Stock Exchange with the ticker symbol "BITO."
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