Grayscale Investments, a subsidiary of Digital Currency Group (DCG), now has control over $60bn in assets in a milestone moment for the company.
Grayscale overtook leading gold fund SPDR Gold Shares (GLD) in AUM, controlling $1.7bn more than the gold fund.
DCG founder and CEO Barry Silbert shared the monumental news illustrating some of the assets the firm controls.
https://twitter.com/BarrySilbert/status/1458568184978714629
With Grayscale adding Solana and UniSwap to its premier fund, the firm now maintains the funds of 15 assets with 97% concentrated in both the Bitcoin Trust (GBTC) at 72% and the Ethereum Trust (ETHE) at 25%.
Bitcoin spot ETF
Grayscale has made it clear that it aims to convert its GBTC into a spot ETF, subject to approval from the US Securities and Exchange Commission (SEC).
SEC chairman Gary Gensler remained hesitant about the future of a Bitcoin spot ETF, in an interview with Yahoo Finance.
“These markets, largely around the world, 24 hours a day, seven days a week, don’t have the similar protections against fraud and manipulation and front running and other abuses,” he said.
Michael Sonnenshein, Grayscale’s CEO, believes the issue of politics has interfered with the approval of a Bitcoin spot ETF.
“In the last week, we actually saw bipartisan support for a Bitcoin spot ETF, with Reps Emmer and Soto submitting a letter to chairman Gensler actually calling for the approval of a Bitcoin spot ETF and really wanting to ensure there’s a level playing field for investors as they choose between what could be a futures-based product for them or a spot-based product for them,” he said.
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