{"id":12936,"date":"2021-10-29T13:29:09","date_gmt":"2021-10-29T12:29:09","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=12936"},"modified":"2021-10-29T13:29:18","modified_gmt":"2021-10-29T12:29:18","slug":"biggest-bitcoin-fund-in-the-world-could-become-etf-by-july-as-gbtc-hits-40-billion-aum","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/biggest-bitcoin-fund-in-the-world-could-become-etf-by-july-as-gbtc-hits-40-billion-aum\/","title":{"rendered":"Biggest Bitcoin fund in the world could become ETF by July as GBTC hits $40 billion AUM"},"content":{"rendered":"\n
Grayscale's Bitcoin ETF <\/a>might launch as early as July 2022, according to one of the company's executives.<\/h5>\n\n\n\n
\"Biggest<\/figure>\n\n\n\n

Grayscale\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>‘s worldwide head of ETFs, David LaValle, gave a nine-month schedule for clearance by US authorities during a MarketWatch virtual event on Oct. 27.<\/p>\n\n\n\n

Grayscale: Now's the time to file for ETF<\/h2>\n\n\n\n

Grayscale, which administers the Grayscale Bitcoin <\/a>Trust (GBTC), the world's most popular Bitcoin investment product, underlined this month that it is “dedicated” to turning it into an ETF.<\/p>\n\n\n\n

The timing for filing the application this week, according to LaValle, was optimal.\u201cWe thought it was the perfect time to submit our filing,\u201d he said.<\/p>\n\n\n\n

\u201cWe thought it was the perfect time to submit our filing,\u201d he said.\u00a0<\/p>\n\n\n\n

ETF applications must go through a 240-day review process with the Securities and Exchange Commission <\/a>(SEC), with approval possible by July.<\/p>\n\n\n\n

Four ETFs were approved in October, all of which are based on Bitcoin futures rather than spots, which Grayscale and others want to modify.<\/p>\n\n\n\n

As of Thursday, GBTC <\/a>has $38.8 billion in assets under management (AUM), bringing the total AUM of all Grayscale funds to $53.1 billion.<\/p>\n\n\n\n

JUST SAW ANALYSIS by a fund manager trader of the 1st futures roll date for the #bitcoin ETFs (they roll to new front-month contract). As many predicted, it's not pretty–ETF investors face big tracking error. Add to that two flash crashes in #BTC price since ETF inception. Ugh\u2014 Caitlin Long (@CaitlinLong_) October 29, 2021<\/p><\/blockquote>\n\n\n\n

Arthur Hayes, former head of derivatives trading giant BitMEX<\/a>, delivered a more scathing take on the entire ecosystem this week.<\/p>\n\n\n\n

\u201cThere already exists a pseudo-ETF with over $40 billion in AUM, the Grayscale Bitcoin <\/a>Trust (GBTC). It is not technically an ETF<\/a>, but it hoovered up assets nonetheless. Therefore, what is required is not a movement of AUM from one tracker product to another, but fresh capital into the system,\u201d he wrote in a dedicated blog post.<\/p>\n\n\n\n

\u201cWhen GBTC is added to the mix of US-listed tracker products, will there actually be net new demand from retail traders and institutions who aren\u2019t already invested in the space? I fear that the narrative on institutional and retail investors plowing AUM into the complex might be misplaced, as those who want to be involved largely already are.\u201d<\/p><\/blockquote>\n\n\n\n

Markets have had years to price in the possibility of an ETF <\/a>launch, with multiple SEC denials driving the Bitcoin price lower and lower over time.<\/p>\n","protected":false},"excerpt":{"rendered":"

Grayscale’s Bitcoin ETF might launch as early as July 2022, according to one of the company’s executives. Grayscale ‘s worldwide head of ETFs, David LaValle, gave a nine-month schedule for clearance by US authorities during a MarketWatch virtual event on Oct. 27. Grayscale: Now’s the time to file for ETF Grayscale, which administers the Grayscale […]<\/p>\n","protected":false},"author":13,"featured_media":12937,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-12936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/10\/image-149.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/12936","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\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=12936"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/12936\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/12937"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=12936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=12936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=12936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}