Grayscale Investments Asks Investors to Help Convince SEC to Approve Bitcoin Spot ETF – Regulation Bitcoin News - BitcoinEthereumNews.com
Grayscale Investments, the worlds largest digital asset manager, has launched a campaign aimed at convincing the U.S. Securities and Exchange Commission (SEC) to approve its bitcoin spot exchange-traded fund (ETF) application. Grayscale seeks to convert its $25.7 billion bitcoin trust (GBTC) to a bitcoin spot ETF.n Asset Manager Campaigns to Get Bitcoin Spot ETF Approved Grayscale Investments anounced Tuesday the launch of a campaign “to educate and encourage American investors to submit comments” on its application with the SEC to convert Grayscale Bitcoin Trust (OTCQX: GBTC) to a spot bitcoin ETF. GBTC is the companys largest investment product with $25.7 billion in assets under management. The application was filed on Oct. 19 by NYSE Arca, the exchange that will list and trade shares of the new bitcoin ETF, if approved. On Dec. 15, the SEC designated a longer period to consider Grayscales application. On Feb. 4, the Commission asked the public for comments on the application. The SEC has only approved bitcoin futures ETFs so far. The securities watchdog continues to reject bitcoin spot ETF applications. Grayscale CEO Michael Sonenshein commented, “American investors should have a choice in how to obtain bitcoin exposure,” emphasizing: It is clear we have reached a tipping point in the adoption