The Grayscale Bitcoin Trust could be converted into a Bitcoin ETF as the company disclosed its intentions to the SEC in a recently released document.
Grayscale, the world’s largest cryptocurrency asset management company, has confirmed its commitment to convert GBTC trust into a Bitcoin ETF. The company has filed with the Securities and Exchange Commission to demonstrate that it has completed all steps for the transition.
The first product to be launched by the digital asset management firm is the Grayscale Bitcoin Trust. The GBTC holds most of the company’s shares, with around $39 billion in assets. According to a recent document from the US SEC, the company has continued planning its most successful trust. The firm stated that they are 100% committed to converting GBTC to ETF.
The asset manager stated that Grayscale wanted to complete the transition to an ETF from the start. By the time GBTC became an SEC reporting product a few years ago, it had already taken the final step.
Grayscale also outlined a large number of current customers and potential customer needs. The digital asset management firm asked if the company would launch a Bitcoin ETF. The company made such an attempt a few years ago. However, the SEC denied it as it has done with every other endeavor.
According to the official document to the SEC, the firm stated that the timing for switching from GBTC to ETF will be determined by a regulatory environment.
Founded in 2013, Grayscale is a digital asset manager that enables institutions and accredited investors to get exposure to BTC and other cryptocurrencies without having to worry about storing and managing their holdings. Over the past year, the company’s wealth management scale has grown significantly. As of last Friday, the wealth management scale has well topped $45 billion.