Grayscale “100% Commitment” to transform GBTC into a Bitcoin ETF — CEO

The head of the crypto investment giant Grayscale believes that only “a few maturity points” separate the United States from its first Bitcoin (Bitcoin) Exchange-traded funds (ETF).

speak NBC Finance Channel On July 19, Michael Sonnenshein reiterated that U.S. ETFs are “not a question of’if’ but of’when.”

Sonnenshein: “If, not when” of the US Bitcoin ETF

Regulators are currently considering 13 ETF applications, and the United States lags behind neighboring Canada in approving these applications.

Years of applications and rejections have passed, and some people believe that in the long run, ETFs will eventually cause bearish price pressure on Bitcoin.

Nevertheless, Grayscale CEO Sonnenshein stated that once the conditions are right, the company is “100% committed” to transforming its Bitcoin product Grayscale Bitcoin Trust ($GBTC) into an ETF.

“I think that in our seat, from our worldview, we are really looking for several different maturity points in the underlying market. This is indeed the final stage we think the regulators need to approve these types of products. Investors provide the protection they are looking for,” he told the network.

Last week, grayscale Announce Established a partnership with US banking giant BNY Mellon, which will now provide services to GBTC as it undergoes transformation.

GBTC has become the headline news in the cryptocurrency circle due to its unlocking event. The biggest event occurred on Sunday. Different opinions Its potential price impact.

The western front is not silent

Although institutional progress continues to surface this month Low capacity The market as a whole lacks direction.

related: Historically low spot trading volume and investor indecision put pressure on Bitcoin prices

As Cointelegraph ReportAccording to reports, Bank of America gave the green light to Bitcoin futures trading last week.

A kind Polls At the same time, it shows that the use of the asset by existing institutional BTC investors is far from over, and 40% of people said they plan to buy more in the future.

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