{"id":12382,"date":"2021-10-18T10:26:44","date_gmt":"2021-10-18T09:26:44","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=12382"},"modified":"2021-10-18T10:26:54","modified_gmt":"2021-10-18T09:26:54","slug":"grayscale-plans-to-convert-its-bitcoin-trust-into-physically-backed-etf","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/grayscale-plans-to-convert-its-bitcoin-trust-into-physically-backed-etf\/","title":{"rendered":"Grayscale plans to convert its Bitcoin trust into physically-backed ETF"},"content":{"rendered":"\n
Grayscale<\/a>, a major institutional investor, is allegedly considering making its Bitcoin Trust a physically settled exchange-traded fund (ETF), this development comes after the SEC approved a Bitcoin futures ETF. <\/h5>\n\n\n\n
\"Grayscale<\/figure>\n\n\n\n

Grayscale's parent business Digital Currency Group's CEO\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, Barry Silbert, revealed on Oct. 17 that Grayscale is planning to convert its Bitcoin Trust into a spot-settled Bitcoin fund.<\/p>\n\n\n\n

After criticizing the SEC's recent approval of a cash-settled Bitcoin futures ETF, Bitcoin commentator Preston Pysh stepped in to ask Silbert when Grayscale's Bitcoin Trust would be turned into a BTC-settled ETF. Silbert said, “Stay tuned.”<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Grayscale Bitcoin Trust investors, on the other hand, appear to be uneasy about Silbert's comments, with Twitter user “svrgnindividual” asking what a reorganization would entail for Grayscale Bitcoin Trust<\/a> shareholders.<\/p>\n\n\n\n

“After the spot ETF is approved, what happens to us Grayscale investors?” “Has our investment been converted into ETF shares?” they inquired via Twitter.<\/p>\n\n\n\n

After a CNBC article quoting unidentified insiders said that Grayscale was waiting for the Securities and Exchange Commission to eventually authorize a Bitcoin ETF, rumors regarding Grayscale's purported plans for a Bitcoin ETF began spreading late last week.<\/p>\n\n\n\n

The Securities and Exchange Commission (SEC) stated on Oct. 15 that it has accepted the registration of securities from ProShares Trust's Bitcoin (BTC) exchange-traded fund<\/a>, which is based on futures. ProShares' ETF gives investors exposure to cash-settled contracts that speculate on the future price of bitcoin.<\/p>\n\n\n\n

Despite the fact that the ETF's approval has been credited as the key impetus for Bitcoin's recent strong market activity, several analysts have criticized the fund for its cash-settled structure, urging the SEC to approve a Bitcoin ETF that is backed by and settled in BTC instead.<\/p>\n\n\n\n

According to Grayscale's most recent holdings update on Oct. 15, the firm has $52.6 billion in assets under management (AUM), with the Bitcoin Trust accounting for 73% of it.<\/p>\n\n\n\n

Grayscale's Bitcoin stockpile is estimated to be around 620,000 BTC, or 3.3 percent of Bitcoin's total supply<\/a>, according to the statistics.<\/p>\n","protected":false},"excerpt":{"rendered":"

Grayscale, a major institutional investor, is allegedly considering making its Bitcoin Trust a physically settled exchange-traded fund (ETF), this development comes after the SEC approved a Bitcoin futures ETF. Grayscale’s parent business Digital Currency Group’s CEO , Barry Silbert, revealed on Oct. 17 that Grayscale is planning to convert its Bitcoin Trust into a spot-settled […]<\/p>\n","protected":false},"author":12,"featured_media":12391,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[1429,940,541],"class_list":["post-12382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin-trust","tag-etf","tag-grayscale"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/10\/Grayscale-plans-to-convert-its-Bitcoin-trust-into-physically-backed-ETF.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/12382","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=12382"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/12382\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/12391"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=12382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=12382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=12382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}