Grayscale Investments is set to file for an application to convert its key fund into a spot ETF early next week, according to a NEWSBTC on Monday.
Grayscale, which is a key player in the digital asset space, is now seeking to redefine its fund due to the increasing competition in the cryptocurrency market.
Last Friday, the Securities and Exchange Commission (SEC) legally authorized the first-ever Bitcoin futures ETF that is set to trade on the New York Stock Exchange early next week.
The approval has been recognized as a “watershed moment” by many people in the sector as Bitcoin finally solidifies its legitimacy as an asset class to Wall Street and traditional investors.
The approved ETF, managed by investment firm ProShares, will have a low management fee of 0.95%, compared to Grayscale’s 2%.
The Bitcoin-futures ETF is moving in the right direction in making cryptocurrencies easily accessible for all daily investors.
Upon approval, Grayscale’s spot Bitcoin ETF will be backed by actual bitcoins rather than derivatives that emulate the cryptocurrency’s price. BTC USD down -0.93%