Grayscale Investments hints at possible Bitcoin ETF

The concern manager reportedly awaited SEC's support for a futures-based Bitcoin ETF earlier filing an exertion for its GBTC fund

Grayscale is looking astatine a imaginable restructuring of its benchmark Bitcoin Trust into a spot Bitcoin exchange-traded money (ETF), days aft the SEC was said to person allowed trading of the ProShares Bitcoin futures ETF.

According to sources cited by CNBC, Grayscale's plans to record an ETF exertion with the SEC were to statesman instantly aft the US regulator allowed a futures Bitcoin ETF.

The concern manager's plans for filing for a physically-settled BTC money were besides hinted astatine by Digital Currency Group CEO Barry Silbert connected Sunday, 17 October.

Following the SEC's determination connected the cash-settled ProShares ETF, Silbert took to Twitter to dependable his opinion. Seemingly unconvinced of the futures ETFs' wide outlook, helium noted: "Friends don't fto friends bargain and clasp futures-based ETFs."

Asked by InvestorsPodcast.com's Preston Pysh erstwhile Grayscale would beryllium converting its flagship Bitcoin Trust into a BTC-settled exchange-traded fund, the DCG laminitis simply said: "Stay tuned."

Bitcoin terms soars connected ETF news

Once filed, the SEC volition person an archetypal 75 days to see the application, with imaginable extensions to the play fixed the securities watchdog's erstwhile dealings with akin filings.

Grayscale's ETF, arsenic with others filed successful the past, volition beryllium backed by existent Bitcoins. It is simply a merchandise galore wrong the crypto concern assemblage person eyed for astir a decade, adjacent arsenic the SEC warms up to derivative contracts-backed funds.

Notably, though, the support of a BTC futures-based ETF has buoyed capitalist sentiment astir Bitcoin, with the bellwether cryptocurrency's terms soaring to highs adjacent $63,000 connected 17 October.

As of writing, BTC/USD is trading astir $62,606 according to information from CoinGecko. The cryptocurrency's worth is up astir 2.3% successful 24 hours and could spot further gains to interruption supra its all-time precocious adjacent $65,000.