GrayScale Intends to Change Its BTC Trust Into an ETF

by in Cryptocurrency News

Grayscale BTC trust ETF

Leading digital currency asset manager on the global scale, Grayscale announced its plans to turn the BTC Trust (GBTC) into an ETF. The asset manager filed a paper with the US SEC.

Related: Tyler Winklevoss Says BTC Left Behind the Risk of US Ban

Grayscale requested an ETF authorization back in 2016 but took back the request because of regulatory issues. According to the latest post published on April 3, GBTC maintains $38.8 B in AUM.

The firm published a blog post today, where it talked about the decision in detail. The firm described the stages every product formed by them is planned to complete. They are:

  • Launch private placement
  • Obtain public quotation on the secondary market
  • Become SEC reporting
  • Become an ETF

Grayscale Bitcoin Trust was released in 2013. In the publication, the asset manager noted it was the primary and the only firm so far that has turned a BTC product into an SEC-reporting product.

Presently, Grayscale has 13 trusts of crypto assets. Despite the fact that only two of them, BTC Trust and Eth Trust deliver reports to SEC, the firm intends to imply the same policy for all of its products.