News

Grayscale reveals its path to launching a Bitcoin ETF

Updated: Aug 29, 2024

Published: Apr 5, 2021

Grayscale has been one of the leading cryptocurrency funds providers in recent years. However, the approval of a few Bitcoin exchange-traded funds (ETFs) in Canada and other parts of the world has affected the Grayscale funds’ performances. The firm is planning to launch a Bitcoin ETF and has now revealed its path to achieving this goal.

Grayscale outlines its path to a Bitcoin ETF

Grayscale Investments published a blog post earlier today outlining its path towards launching a Bitcoin ETF. In the blog post, the digital asset management firm said it is 100% committed to converting the Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund.

“Each Grayscale product is at various stages of this lifecycle, and our intention has always been to convert these products into an ETF when permissible,” the firm added.

In the infographic on the post, Grayscale pointed out that it starts by launching a private placement before moving to obtain a public quotation on secondary markets. The next step is to become a SEC-reporting product before finally converting it to an ETF.

Grayscale highlighted that at the moment, GBTC and the Grayscale Ethereum Trust (ETHE) are the two only two crypto funds in the world with the distinction of being an SEC-reporting company. It maintains that it uses the same standard for the other Grayscale cryptocurrency products.

Grayscale has been applying for a Bitcoin ETF for a while

The digital asset management firm said it has been applying for a Bitcoin ETF since 2016 and discussed intensely with the SEC in 2017. “Ultimately, we withdrew our application because we believed the regulatory environment for digital assets had not advanced to the point where such a product could successfully be brought to market,” Grayscale added.

Despite other firms filing with the SEC to launch a Bitcoin ETF, Grayscale said it is confident in its position and talks with the regulatory agency. Hence, it is committed to converting its GBTC into a Bitcoin ETF.

Grayscale added that “When GBTC converts to an ETF, shareholders of publicly-traded GBTC shares will not need to take action, and the management fee will be reduced accordingly.” The firm said the GBTC, with $34 billion in assets under management, is currently the largest and most liquid Bitcoin investment product. It is also the second in terms of global commodity exchange-traded products, only behind SPDR Gold Trust (GLD).

The asset management firm assured investors that it intends to expand their access to digital currencies and offer them more opportunities to invest in this asset class.

Currently, the US SEC has received six Bitcoin ETF applications, including those from Fidelity, Wisdom Tree, and VanEck.

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