Grayscale Investments, the world’s 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.
Asset Manager Campaigns to Get Bitcoin Spot ETF Approval
Grayscale Investments on Tuesday announced the launch of a campaign “to educate and encourage U.S. investors to submit comments” on its SEC filing to convert Grayscale Bitcoin Trust (OTCQX: GBTC) into a spot bitcoin ETF. GBTC is the firm’s 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 Grayscale’s application. On Feb. 4, the Commission asked the public for comments on the application.
So far, the SEC has only approved Bitcoin futures ETFs. The securities watchdog continues to reject Bitcoin spot ETF applications.
Grayscale CEO Michael Sonnenshein commented, “American investors should have a choice in how to obtain bitcoin exposure,” emphasizing:
It is clear that we have reached a tipping point in the adoption of digital assets.
“Maintaining the regulatory status quo may feel like the safe option, but the reality is that failing to keep pace with change is the far riskier path for main street investors and our country,” he continued.
Grayscale has set up a dedicated campaign page to educate and inspire US investors to take action and convince the SEC to approve its application to convert GBTC to a spot bitcoin ETF.
The CEO added:
The hundreds of comments already submitted on behalf of GBTC’s conversion to an ETF further demonstrates that this issue is of the utmost importance to investors.
