Grayscale Investments intends to convert Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF), the asset manager said in a blog post Monday.
“While several firms have submitted Bitcoin ETF applications in the form of an S-1 or 19b-4 to the SEC, we are confident in our current positioning and engagement with the SEC,” according to the post.
If successful, GBTC would become the first Bitcoin ETF recognized by the U.S. Securities and Exchange Commission (SEC). It would also become the first crypto fund publicly traded on the US stock exchange.
GBTC is currently the largest BTC investment product in the world with $34B AUM, and is one of only two crypto funds distinguished as SEC-reporting companies; the other is Grayscale Ethereum Trust (ETHE).