According to CNBC, the firm is set to file the application with the U.S. Securities and Exchange (SEC) in the coming days.
Citing a person familiar with the matter, CNBC says Grayscale expressed its intention to convert its Bitcoin investment product GBTC into a spot ETF as the race for the Bitcoin futures-based ETF heats up.
Unlike Bitcoin futures ETF, which would be linked to derivative contracts tied to BTC, a spot Bitcoin ETF would be directly backed by the benchmark cryptocurrency. Grayscale already holds a sizeable amount of BTC through GBTC, which currently has $38.7 billion in assets under management (AUM).
CNBC’s report comes as Grayscale founder Barry Silbert teases the possibility of converting GBTC into a spot-driven ETF.
— Barry Silbert (@BarrySilbert) October 17, 2021
In April, Grayscale said that it is 100% committed to converting GBTC into an ETF if and when the SEC allows it.
By August, the firm hired exchange-traded fund pioneer David LaValle to head its ETF division, signaling that the crypto investment giant is pushing for a Bitcoin exchange-traded fund.
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