Grayscale, one of the biggest institutional investment giants, is reportedly found hinting to convert its Bitcoin Trust into Bitcoin Exchange-traded Fund (ETF).
Barry Silbert, the Chief Executive Officer (CEO) of Digital Currency Group, the Grayscale’s parent company, on October 17, hinted that Grayscale is planning to convert its BTC Trust into a physically-settled Bitcoin ETF.
Bitcoin commentator Preston Pysh, on Twitter, criticized the recent cash-settled Bitcoin ETF approval by U.S. Securities and Exchange Commission (SEC) and then headed to asking Silbert about the company’s plan on BTC Trust conversion to BTC- settled ETF. Silbert replied, “Stay tuned.”
The investors of the Grayscale Bitcoin Trust, however, seem a bit unconvinced by his comments. A Twitter user, “svrgnindividual,” questioned the restructuring strategy the company’s Bitcoin Trust will opt for investors.
They tweeted, “What will happen to us Grayscale investors if the spot ETF gets approval? Will our investment be converted into ETF shares?”
Rumors about Grayscale ambitions for BTC ETF started spreading intensively after the publication of a report by CNBC, which cited anonymous sources who claimed that the company was waiting for the SEC to finally start approving BTC ETF.
Grayscale holds 3.3% of the total Bitcoin
Before this, as TheCoinRise reported, the company was in headlines after its announcements on including Solana (SOL) and Uniswap (UNI) during the rebalancing Grayscale Digital Large Cap Fund (GDLC) portfolio.
As per the recent update of the Grayscale holding, the company boasts $52.6 billion in assets under management (AUM), among which 73% is held in BTC Trust. The company holds roughly 620,000 BTC, which is around 3.3% of the total BTC’s supply.
ETF approval anticipation is one of the biggest factors for the BTC price surge. Recently, as we reported, when SEC chair Gary Gensler hinted at the approval, the sudden price surge of BTC price. Bitcoin is currently trading above $61,000.