The world’s largest cryptocurrency asset manager, Grayscale, has confirmed its commitment to convert the GBTC trust into a Bitcoin ETF. The company has filed documents with the US Securities and Exchange Commission indicating that it has completed all steps before such a transition.
- Launched in 2013, Grayscale is a digital asset manager enabling institutional and accredited investors to receive exposure to BTC and other cryptocurrencies without worrying about storing and managing the holdings.
- The company has enjoyed the past year or so with a massive increase of its AUM, which is well above $45 billion as of Friday. Just for reference, Grayscale ended 2019 with about $2 billion.
- Naturally, the first launched product was the Grayscale Bitcoin Trust, which also accounts for the majority of the company’s holdings with roughly $39 billion.
- The company has further plans for its most successful trust, according to a recent filing with the SEC. In it, Grayscale asserted: “first and foremost we wish to make clear: we are 100% committed to converting GBTC into an ETF.”
- The asset manager said that its intentions from the start were to complete the transition into an ETF, and it had made the last step a few years ago when GBTC became an SEC-reporting product.
- Grayscale also outlined a massive uptick of demand from current clients and potential customers inquiring whether or not the firm will introduce a Bitcoin ETF. The company made such an attempt several years ago, but the SEC rejected it, as it has done with every other endeavor.
“The timing for converting GBTC to an ETF will be driven by the regulatory environment.” – concluded Grayscale’s filing.