So, Grayscale considers restructuring its Bitcoin Trust into a physically-backed fund. More so, this is after the SEC approved a Bitcoin futures ETF.
Notably, Barry Silbert, the CEO of Grayscale parent company Digital Currency Group reveals On Oct. 17 that Grayscale is planning to convert its Bitcoin Trust into a spot-settled Bitcoin fund.
Furthermore, this is after criticizing on twitter the SEC’s Bitcoin futures ETF approval. Also, Bitcoin commentator Preston Pysh asks when Grayscale’s Bitcoin Trust conversion into a BTC-settle ETF will happen.
“Stay tuned,” Silbert responded.
“stay tuned” — Barry Silbert (@BarrySilbert) October 17, 2021
Meanwhile, Grayscale Bitcoin Trust investors are not having a relax mind about Silbert’s remarks. Twitter user “svrgnindividual” questions the position of investors holding shares in Grayscale’s Bitcoin Trust will become.
“What happens to us Grayscale investors once the spot ETF is approved?…”
“Is our investment converted into ETF shares?”
So, Their tweets shows..
Furthermore, Grayscale desire for a Bitcoin ETF is in circulation since late week after a CNBC report. Where it cites anonymous insiders claiming that Grayscale is waiting for the SEC. Ie. Securities and Exchange Commission to finally approve a Bitcoin ETF.
Notably, On Oct 15, SEC announces accepting the registration of securities from ProShares Trust’s futures-based Bitcoin (BTC) exchange-traded fund. Where, ProShares’ ETF offers investors exposure.
Lastly, Grayscale’s latest holdings shows $52.6 billion of assets under management (AUM). More so, it represents 73% of its Bitcoin Trust hold. Conclusively, The data shows that Grayscale’s Bitcoin stash includes about 620,000 BTC ie. 3.3% of Bitcoin’s total supply.
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