Crypto asset manager Grauscale has confirmed its intention to transform its Bitcoin trust into an exchange-traded fund, as stated inDocumment, submitted on April 5 to the Commission on securities and securities of the United States.
«The number of requests has been growing in recent monthsabout the possibility of creating a Bitcoin ETF in the US, and we would like to provide clarity and context on what such development would mean for Growscale and the Growscale® Bitcoin Trust. (Symbol: GBTC). First of all, we want to make it clear: we are 100% committed to converting GBTC into an ETF.
The timing of this transformation will be determined by the regulatory environment.
Initially, Grascale submitted an application for an ETF in 2016, but then they called it out due to normative obstacles.
Currently, the Grausale Bitcoin Trust manages assets for an amount of $ 38.8 billion, which significantly overrides other products.
It is interesting that the parent company Grascale Digital Currencу Group announced the purchase of GBTC shares in the amount of $ 250 million.
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