New data reveals what it would take for financial advisors in the US to go ahead with investing in the crypto space. According to a recent Nasdaq survey of 500 financial advisors who are considering investing in crypto, 72% would be willing to invest their clients’ assets in cryptocurrencies if regulators approve a spot exchange-traded […]
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“I think all options are on the table,” said the Grayscale CEO, adding that the company has put its “full resources” into converting its flagship Bitcoin trust.
Grayscale CEO Michael Sonnenshein said the firm is gearing up for a legal fight if Grayscale’s Bitcoin Spot ETF product is denied by the United States Securities and Exchange Commission (SEC).
In an interview with Bloomberg on Tuesday, March 29, Sonnenshein was asked if he would consider the Administrative Procedure Act (APA) lawsuit option if the application for its Bitcoin Spot ETF was denied by the financial regulator.
“I think all options are on the table,” he responded, highlighting the importance of continuing to advocate for investors. The next decision date for the approval or denial of the investment product is July 6, 2022, it was previously delayed in February, and was originally filed in October 2021.
“The Grayscale team has been putting the full resources of our firm behind converting GBTC, our flagship fund, into an ETF. It’s really important that investors know that we have and will continue to advocate for them.”
Grayscale announced in October 2021 that it was planning to convert its Bitcoin Trust, GBTC to a Bitcoin (BTC)-settled ETF. The SEC delayed a decision to approve the product in December 2021, citing that a longer period was needed to consider the proposed changes, their action was repeated in February.
Related: ProShares ETF's Bitcoin stash hits $1.27B as BTC eyes $50K by mid-April
The SEC opened the changes proposed by Grayscale to public feedback. The feedback received by the regulator showed that 95% of respondents were in support of the conversion, according to an analysis taken in February. Grayscale dedicated a portion of its website to encouraging investors to submit comments to the SEC.
“GBTC today is owned by investors in all 50 states, and there are actually now over 800,000 accounts in the U.S. all waiting patiently to have it converted into an ETF,” Sonnenshein said.
“It was really a very exciting announcement that we now have Bitcoin futures ETFs out in the market, but unfortunately, that's forced investors into those Bitcoin futures products, because those are the only ones that exist.”
Sonnenshein added that Grayscale was encouraged by the SEC’s support for crypto exchanges in registering with the regulator, as well as President Biden’s recent executive order on crypto.
“Ultimately, we believe it's a matter of when, not a matter of if a spot Bitcoin ETF is approved.”
On Friday, November 12, the U.S. Securities and Exchange Commission (SEC) rejected Vaneck’s bitcoin spot market exchange-traded fund (ETF). The U.S. regulator noted that the denial was due to the lack of prevention toward “fraudulent and manipulative acts and practices.” SEC Turns Down Spot Market ETF – US Regulator Believes There Should be More Manipulation […]
On Friday, the U.S. Securities and Exchange Commission (SEC) has delayed four bitcoin exchange-traded funds (ETF) deadlines for another 45 days. The regulator notes that the entity needs more time to decide on the ETF applications. Global X, Kryptoin, Valkyrie, Wisdomtree Bitcoin ETF Deadlines Extended The Kryptoin Bitcoin ETF, Global X Bitcoin Trust, Valkyrie XBTO […]
On June 21, the wealth manager Vaneck filed a prospectus to launch what it calls a Bitcoin Strategy Fund. The prospectus filed with the U.S. Securities and Exchange Commission (SEC) explains the fund will procure bitcoin exchange-traded products and futures. Vaneck’s Fund Will Invest in Bitcoin Futures and Pooled Investments Tied to the Leading Crypto […]
The investment company Galaxy Digital Holdings has revealed it is joining the growing list of firms looking to sponsor a bitcoin exchange-traded fund (ETF). Novogratz’s crypto firm applied with the U.S. Securities Exchange Commission (SEC) on Monday to launch a product called the “Galaxy Bitcoin ETF.” Galaxy Digital Wants to Provide a Bitcoin ETF Galaxy […]
On Monday, the digital currency asset manager Grayscale Investments announced intentions to file for a bitcoin exchange-traded fund (ETF) when permissible. The subsidiary of Digital Currency Group (DCG) says in regard to its crypto trust products that it always been the company’s intention “to convert these products into an ETF.” Transforming Grayscale’s $34 Billion Bitcoin […]
