fbpx
Skip to content Skip to sidebar Skip to footer

Grayscale Might Be Bringing First Spot Bitcoin ETF to the Market Soon

CBOE Bitcoin ETF

Thanks to Grayscale, the first spot Bitcoin ETF could be expected to enter the market near end-2021. By the following week, the company plans to file for its product to be approved by the SEC. Grayscale intends to convert their Bitcoin Fund ($GBTC) into a spot Bitcoin ETF.

There will be a 75-day review period for the SEC to approve or deny the proposed spot Bitcoin ETF once the official filing is turned in.

Grayscale reportedly planned to file its application to the SEC once the agency approves the efforts of competitors for a futures-based bitcoin ETF.

Should the product be approved, Bitcoin would be taking one more step to legitimisation. The cryptocurrency has proven to be resilient, having exceeded $60,000 in price despite being banned by China.

Last month, Grayscale investment CEO Michael Sonnenshein criticised the SEC for favouring future-based ETFs, labelling it as “shortsighted” move that could harm investors.

The introduction of Bitcoin ETF products encourages the competitiveness of the landscape, as well as new additional pools of capital from various pockets of traditional financial institutions that were finding it hard to gain exposure to Bitcoin.

Leave a comment

About NewsFirstLine

NewsFirstLine is a global leading blockchain & crypto news provider, covering daily news focused on trading and investment developments in bitcoin and crypto. We bring you expansive crypto news coverage around the world. We offer many thought leadership opinions from blockchain experts and leaders of the industry.

Subscribe to SCN

© Copyright of Novum Global Consultancy Pte Ltd {2020-2023}. All rights reserved.

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us

About NewsFirstLine

NewsFirstLine is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in blockchain, crypto, Web3, fintech and technology.

Follow Us On

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us