Grayscale Bitcoin Trust to Convert into BTC-Settled ETF?
Grayscale CEO Barry Silbert hints at plans to convert Bitcoin Trust into a spot-settled Bitcoin fund.
On October 17, Barry Silbert, CEO of Grayscale’s parent company Digital Currency Group, stated that Grayscale is making plans to convert its Bitcoin Trust into a spot-settled Bitcoin fund. This decision comes after the recent approval of Bitcoin futures ETFs by the US Securities and Exchange Commission (SEC).
Grayscale Bitcoin Trust investors remain unsettled.
However, the decision has sparked concerns among investors holding shares in Grayscale’s Bitcoin Trust. Twitter user “svrgnindividual” asked, “What happens to us Grayscale investors once the spot ETF is approved? Is our investment converted into ETF shares?”
Grayscale’s Bitcoin Trust holds $52.6 billion in assets under management.
According to Grayscale’s latest holdings update, the firm boasts $52.6 billion in assets under management, with 73% of that amount held in the Bitcoin Trust. This represents approximately 620,000 BTC or 3.3% of Bitcoin’s total supply.
Grayscale’s Bitcoin Trust is a cash-settled fund.
The SEC has