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Grayscale Files to Turn Biggest Bitcoin Fund Into an ETF

  • Filing comes on the same day first U.S. Bitcoin ETF debuted
  • Launch of futures fund clears way for physical ETF, firm says
Bloomberg business news
Grayscale Files to Convert Bitcoin Fund Into an ETF
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Grayscale Investments LLC and the New York Stock Exchange filed to convert the world’s biggest Bitcoin fund into an ETF, appealing to regulators for approval just as its wildly popular vehicle is beset with competition.

The application to flip the $40 billion Grayscale Bitcoin Trust (ticker GBTC) landed on the same day that the ProShares Bitcoin Strategy ETF (BITO) debuted, becoming the first exchange-traded fund in the U.S. investing in futures on the digital asset. While the Securities and Exchange Commission has allowed the derivatives-based product to launch, it has yet to permit the kind of structure used by Grayscale, which directly holds the largest cryptocurrency.