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Grayscale Investments Files Application to Shift Bitcoin Fund to ETF

ETF Exchange traded fund stock market trading investment financial concept.

Currency investing and cryptocurrency asset management firm Grayscale Investments LLC is filing to turn its Bitcoin fund into an exchange-traded fund, Bloomberg reported.

Grayscale plans to shift its $40-billion Grayscale Bitcoin Trust to become the first ETF in the United States, investing in futures on the digital asset. While the corporate regulator has allowed the derivatives-based product to launch, it has yet to permit the structure used by the firm.

Grayscale Chief Executive Officer Michael Sonnenshein said the firm is fully committed to shifting the GBTC into an ETF as soon as given the green light by American regulators.

Sonnenshein said the firm believes that as the futures and the spot pricing for Bitcoin are inextricably connected, it is willing to allow or clear the way for Bitcoin futures in the market.

Grayscale in August already hired a global ETF head to push its efforts amid the launch of BITO. BTC is up 1.23%.

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