Grayscale confirms it will file for Bitcoin fund to be converted into ETF

Leading digital asset management fund Grayscale has revealed that it will file to convert its flagship investment product – the Grayscale Bitcoin fund ($GBTC) – into a Bitcoin spot ETF.

The development was confirmed today by Grayscale director of Communications Jennifer Rosenthal on Twitter, who said in a tweet that “I’m happy to confirm that Grayscale *WILL* file for $GBTC to be converted into an #ETF as soon as there’s a clear, formal indication from the SEC”.

Rosenthal also said that once the SEC has provided “official and verifiable evidence” on its position towards Bitcoin-based investment products, the #NYSE Arca will file the necessary documents to convert the Grayscale Bitcoin Fund ($GBTC) into an ETF.

Additionally, Rosenthal reaffirmed that Grayscale is “100% committed to converting $GBTC – and our product family – into ETFs” in a sign that other funds may be converted into an ETF if successful.

The announcement comes after DCG founder and CEO Barry Silbert had taken to Twitter to seemingly discourage investors from participating in a futures-based ETF from other providers like ProShares – who formally announced its futures ETF will launch tomorrow – and Valkyrie.

Silbert also recently teased his Twitter followers after being questioned as to when $GBTC will be converted into an ETF – he simply responded “stay tuned” to the question, prompting rife speculation that Grayscale was in the process of making it official.

The proposal of Bitcoin-based ETFs has since pushed the price of Bitcoin to more than $62k, with many expecting it to take aim at an all-time high if bullish catalysts continue to emerge.