Grayscale Investments, a subsidiary of Digital Currency Group, has filed Form 8-A and Securities Registration with the Securities and Exchange Commission (SEC) for a spot Bitcoin exchange-traded fund (ETF).
The proposed ETF, which would trade under the ticker symbol “BTC,” would provide investors with exposure to the price of Bitcoin without the need to directly purchase and store the cryptocurrency. This move follows Grayscale’s announcement in March that it would explore ways to convert its investment products into ETFs.
The SEC has not yet approved any Bitcoin ETFs, but Grayscale’s proposal represents a significant step forward for the industry. If approved, the BTC ETF would be the first Bitcoin ETF to be listed on a major U.S. stock exchange.
Other prominent players in the industry, including BlackRock and Fidelity, have also expressed interest in launching a spot Bitcoin ETF and have also filed new filings with the SEC. Grayscale’s spokesperson stated, “At Grayscale, we are working closely with the SEC to uplist GBTC to NYSE Arca as a spot Bitcoin ETF. Grayscale is fully prepared to operate GBTC as an ETF upon receipt of regulatory approvals.”
The conversion of GBTC into an ETF would provide investors with a more liquid and regulated product for accessing the price of Bitcoin.
