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Grayscale Bitcoin Trust Lines Up Jane Street, Virtu in ETF Bid

  • Firms would become authorized participants if ETF approved
  • The US SEC has yet to approve a ETF that holds Bitcoin
Grayscale Investments CEO Michael Sonnenshein 

Grayscale Investments CEO Michael Sonnenshein 

Photographer: Jeenah Moon/Bloomberg

Grayscale Investment LLC has recruited a couple of heavyweight partners to help with a bid to convert its Bitcoin trust into an exchange-traded fund.

The firm has filed with the US Securities and Exchange Commission for its Grayscale Bitcoin Trust, ticker GBTC, to become an ETF. The trust, which has a market cap of about $13.6 billion and a premium of negative 32% to the price of Bitcoin, has enlisted Jane Street and Virtu as authorized participants if it does become an ETF. APs are specialized traders that have the right to create and redeem shares of an ETF, which is done to help keep the price close to its net asset value.