Digital Assets: Grayscale Files For New ETFs Even As Its Application For Spot Bitcoin Hangs Fire

May 11, 2023 | Digital Assets, News

Grayscale is looking to convert its Bitcoin Trust (GBTC) into a spot bitcoin ETF.

Grayscale Investments is forming a new trust called Grayscale Funds Trust to manage its products as it expands its ETF business.

Grayscale has filed a new registration statement with the SEC for a new Ethereum Futures ETF, a new Grayscale Global Bitcoin Composite ETF, and a Grayscale Privacy ETF. (Crypto News)

According to David LaValle, Grayscale Global Head of ETFs, the filing showed the company’s dedication to providing investors with regulated investment vehicles such as ETFs to access the digital economy and emerging transformative technologies in innovative ways.

Meanwhile, Grayscale is in a legal battle with the SEC over a spot Bitcoin ETF. In January, the SEC rejected Grayscale’s proposal to convert its Bitcoin Trust (GBTC) into an ETF. The SEC has not approved such products because cryptocurrency exchanges on which spot Bitcoin is traded are largely unregulated and the regulator has cited concerns over their susceptibility to fraud and manipulation.

However, the SEC has approved Bitcoin Futures ETFs traded on regulated US exchanges like the CME.

Related Story:  Spot Bitcoin ETF – Grayscale Warns SEC Is On Thin Ice

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