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Grayscale will apply for a BTC ETF within a few days, according to CNBC

by Margharet Tess
October 18, 2021
in Cryptheory News
Reading Time: 2 mins read

 

Grayscale Investments, which owns more than 550,000 BTCs and operates the popular Grayscale BitcoinTrust (GBTC), is reportedly applying for a BTC ETF within a few days.

According to CNBC, which refers to its Grayscale sources, the BTC giant plans to apply to the SEC for spot BTC ETFs as soon as the BTC Futures ETF approval information for ProShares is definitively confirmed. This ETF is said to start trading on October 18.

Should the SEC receive a request from Grayascsle for a BTC ETF, it would have 75 days to respond initially, postponing the verdict three more times. It is therefore likely that the Grayscale BTC ETF, even if approved, would not be seen until 2022 at the earliest.

NEW – Grayscale Investments plans to file for spot #BTC ETF early next week. – CNBC pic.twitter.com/nEAbHQACjd

– BTC Magazine (@BitcoinMagazine) October 16, 2021

Reports of a possible application to the SEC by Grayscale are viewed positively. It is the holder of the largest number of Bitcoins, and if the SEC granted it, the Grayscale ETF would become the second largest commodity ETF in the world after the largest gold ETF.

Over 10 companies apply for traditional spot Bitcoin ETFs. These include giants Fidelity, NYDIG (Stone Ridge), Valkyrie or VanEck. The SEC must give a final opinion on VanEck’s application in less than a month – no later than November 14.

Analysts believe that BTC futures ETFs will not be as attractive to investors as traditional spot ETFs. At the same time, however, the probability of allowing a spot BTC ETF is much lower than in the case of an ETF futures application, whether ProShares or filing from Valkyrie or Invesco.

Michael Saylor, head of Microstrategy, which owns more than 110,000 BTCs, made it the largest holder of BTCs among publicly traded companies, also commented on BTC ETF. Saylor said over the weekend: “If we have a BTC ETF in the US, billions and billions of more dollars will flow into BTC.”

Michael Saylor claims that thanks to BTC ETFs, billions and billions of dollars will flow into BTC. https://t.co/zFJrnJx9s5

– I’m interested (@ZaujaloMa) October 16, 2021

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Margharet Tess
Margharet Tess
Editor, Developer at Cryptheory Labs
I have been active in the cryptocurrency world for over 6 years, during which I have written countless articles about this sector. What fascinates me most about cryptocurrencies is their technological aspect and the problems they aim to solve. In the past three years, I have ventured into app development and am currently working on a larger project called P2E Buzzer. Stay tuned for the surprise. 🙂 My previous experiences: Business2Community.com, TradingPlatforms.com
Margharet Tess
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