{"id":13329,"date":"2021-10-18T23:54:05","date_gmt":"2021-10-18T23:54:05","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/grayscale-confirms-plan-to-convert-gbtc-into-bitcoin-etf\/"},"modified":"2021-10-18T23:54:05","modified_gmt":"2021-10-18T23:54:05","slug":"grayscale-confirms-plan-to-convert-gbtc-into-bitcoin-etf","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/grayscale-confirms-plan-to-convert-gbtc-into-bitcoin-etf\/","title":{"rendered":"Grayscale Confirms Plan to Convert GBTC Into Bitcoin ETF"},"content":{"rendered":"<p><strong>Grayscale Investments has confirmed its plan to file for its bitcoin trust (GBTC) to be converted into a bitcoin exchange-traded fund (ETF). \u201cThe NYSE Arca will file a document called the 19b-4 to convert GBTC into an ETF,\u201d said Grayscale\u2019s official.<\/strong><\/p>\n<h2>GBTC to Become Bitcoin ETF<\/h2>\n<p>Grayscale Investments has confirmed that it will convert its flagship product, Grayscale Bitcoin Trust (GBTC), into a bitcoin exchange-traded fund (ETF). Jennifer Rosenthal, Grayscale\u2019s communications director, tweeted Monday:<\/p>\n<p>Today, I\u2019m happy to confirm that Grayscale will file for GBTC to be converted into an ETF as soon as there\u2019s a clear, formal indication from the SEC.<\/p>\n<p>She described: \u201cGrayscale\u2019s position has always been clear: we are 100% committed to converting GBTC \u2014 and our product family \u2014 into ETFs, when the SEC has formally expressed their requisite comfort with the underlying bitcoin market.\u201d<\/p>\n<p>The Grayscale communications director added that there are positive developments within the SEC, including the approval of a futures-based bitcoin ETF that is expected to start trading Tuesday. The bitcoin futures ETF from Proshares will trade under the ticker symbol \u201cBITO\u201d on the NYSE.<\/p>\n<p>Rosenthal explained that this means:<\/p>\n<p>Once there\u2019s official and verifiable evidence of the SEC\u2019s comfort with the underlying bitcoin market \u2014 likely in the form of a bitcoin futures ETF being deemed effective \u2014 the NYSE Arca will file a document called the 19b-4 to convert GBTC into an ETF.<\/p>\n<p>The company\u2019s total assets under management (AUM) is $53.5 billion as of Oct. 18, with GBTC holding about $39.77 billion.<\/p>\n<p>Grayscale CEO Michael Sonnenshein told CNBC Monday:<\/p>\n<p>There is a lot of excitement for regulators finally allowing a bitcoin anything onto a national securities exchange \u2026 When you look at the structure of a bitcoin futures product, there is going to be an impact to investors.<\/p>\n<p><em><strong>What do you think about Grayscale converting GBTC into a bitcoin ETF? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Bitcoin News<br \/>\nFinance, bitcoin etf, Bitcoin Futures ETF, bitcoin trust, ETF, exchange traded fund, GBTC, gbtc bitcoin etf, grayscale, Grayscale Investments, Proshares<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Grayscale Investments has confirmed its plan to file for its bitcoin trust (GBTC) to be converted into a bitcoin exchange-traded fund (ETF). \u201cThe NYSE Arca will file a document called the 19b-4 to convert GBTC into an ETF,\u201d said Grayscale\u2019s official. GBTC to Become Bitcoin ETF Grayscale Investments has confirmed that it will convert its&hellip;<\/p>\n","protected":false},"author":0,"featured_media":13330,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-13329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13329"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=13329"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13329\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/13330"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=13329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=13329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=13329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}