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 is converting its $25.7 billion Bitcoin Trust (GBTC), to a bitcoin Spot ETF.
Campaign by Asset Manager to Approve Bitcoin ETFs
Grayscale Investments announced Tuesday the launch of a campaign “to educate and encourage American investors to submit comments” on its application with the SEC to convert Grayscale Bitcoin Trust (OTCQX: GBTC) to a spot bitcoin ETF. GBTC is the company’s largest investment product with $25.7 billion in assets under management.
NYSE Arca (the exchange that will allow users to trade bitcoin ETF shares) filed the application Oct. 19. On Dec. 15, the SEC designated a longer period to consider Grayscale’s application. On February 4, the Commission sought public comments.
So far, the SEC approved only bitcoin futures ETFs. The Securities Watchdog rejects bitcoin spot ETF application.
Grayscale CEO Michael Sonnenshein commented, “American investors should have a choice in how to obtain bitcoin exposure,” emphasizing:
We have clearly reached an important point with the adoption 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 set up a page dedicated to educating and inspiring American investors. The goal is to convince the SEC that Grayscale’s application to convert GBTC from a spot bitcoin ETF to its approval.
The CEO said:
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.
Is it possible that the SEC could soon approve a Bitcoin spot ETF? Comment below to let us know your thoughts.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerThis article serves informational purposes. This is not an invitation to purchase or sell directly, nor a suggestion or endorsement of products, services or companies. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. The author and the company are not responsible for any loss or damage caused by the content or use of any goods, services, or information mentioned in the article.