Digital currency investing company Grayscale intends to turn its BTC Trust into a spot ETF (exchange-traded fund).
Related: ProShares Bitcoin Futures ETF Will Start Trading on Oct. 18
Barry Silbert, the CEO of Digital Currency Group (DCG), Grayscale’s parent company, allowed the possibility.As an answer to the question by The Investor's Podcast co-founder, crypto proponent Preston Pysh related to Bitcoin ETF, Silbert said to stay tuned.
Friends don't let friends buy and hold futures-based ETFs
— Barry Silbert (@BarrySilbert) October 17, 2021
A few days ago, the U.S. SEC verified the first Bitcoin ETF, which will allow futures-based trading. The application was formed by an American provider of ETPs, ProShares.
Silbert criticizes futures-based ETFs and doesn't advise investing in them because of the cash-settled nature. Earlier, in July, Grayscale revealed a partnership with the bank BNY Mellon, according to which the bank provides asset services to Grayscale. This step was done considering the future ETF possibility.
Although the filing didn't take place yet, indicators show that it may come soon. The product by GrayScale will be backed not by fiat, but crypto.
Trending: Salvadorans are against buying bitcoins at the expense of the budget
If the product goes live, the world's largest Bitcoin Fund will become an ETF.According to the most recent update, Grayscale’s Bitcoin Trust holds $38.6 in AUM. The total AUM of the company stands at $52.6 billion.