With the GBTC asset management scale approaching US$40 billion, the world’s largest Bitcoin fund may become an ETF in July


Grayscale can launch its Bitcoin (Bitcoin) The exchange-traded fund (ETF) was listed as early as July 2022, one of its executives said.

in a Virtual event David LaValle, head of Grayscale’s global ETF organized by MarketWatch on October 27th, gave a nine-month timetable approved by the US regulator.

Grayscale: Now is the time to apply for ETF

Grayscale operates Grayscale Bitcoin Trust (GBTC), the world’s largest Bitcoin investment product, Reiterate This month, it “committed” to transform it into an ETF.

According to LaValle, the time to submit the application this week is ideal.

“We think now is the best time to submit an application,” he said.

“Since Bitcoin futures products are not under the control of the SEC to some extent, they will be willing to review the record of spot products.”

ETF applications require a 240-day analysis period with the US Securities and Exchange Commission (SEC), which may be approved before July.

See in october Four ETF approvals are based on Bitcoin futures instead of spot, which is what Grayscale and other companies are eager to change.

As of Thursday, GBTC’s assets under management (AUM) was 38.8 billion U.S. dollars, and the total assets of all Grayscale funds are currently 53.1 billion U.S. dollars.

GBTC holdings and BTC/USD chart. Source: Bybt

Hayes: ETF market needs “new capital”

As Cointelegraph ReportDue to the new criticism of futures-based products, people have high hopes for allowing spot ETFs to start operating in November.

related: GBTC’s return was higher than Bitcoin ETF last week

Arthur Hayes, the former head of derivatives trading giant BitMEX, this week expressed a tougher view on the entire ecosystem.

“There is already a pseudo-ETF with more than US$40 billion in assets under management, the Grayscale Bitcoin Trust (GBTC). Technically speaking, it is not an ETF, but it still absorbs assets. Therefore, what is needed is not to convert AUM from one One tracker product is transferred to another product, but new capital is injected into the system,” he wrote in a dedicated article. Blog post.

“When GBTC is added to the US-listed tracker product portfolio, will there actually be net new demand from retail traders and institutions that have not yet invested in this field? I am worried that institutional investors and retail investors will invest in AUM The statement in this complex may be wrong, because those who want to participate are basically already like this.”

The market has been setting prices for potential ETF issuances for many years, and this has been rejected by the SEC many times. As time goes by, each time has less and less impact on the price of Bitcoin.

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