If there is a company that can claim credit for the large adoption of Bitcoin by institutional investors, that company is Grayscale. However, for the company the achievements achieved so far would not be enough. Well, as Anthony Pompliano has commented in the Tweet of the day, Grayscale plans to launch its own Bitcoin ETF from the Grayscale Bitcoin Trust:
Grayscale thinks of a Bitcoin ETF
The great bullish rally experienced by Bitcoin and the crypto market in general in recent months is the consequence of many factors. Among them are, of course, the third Halving of Bitcoin and the building of a solid digital infrastructure around cryptocurrencies. However, the element that allowed investors to have the opportunity to invest in the crypto market, was the Grayscale funds.
Thanks to these funds, large institutional investors were able to invest money in Bitcoin, without having to buy and store the crypto asset. A job that the company takes care of in exchange for a small commission. Allowing investment firms to enter the crypto world by simply investing in the Grayscale Bitcoin Trust (GBTC).
Grayscale plans to launch its own Bitcoin ETF from GBTC. Source: Grayscale
However, despite the success of the fund, this would not be enough for Grayscale. On the contrary, through a medium post, the company has admitted that it plans to launch its own exchange-traded fund (ETF) in Bitcoin, starting from GBTC. What would be a real earthquake in the crypto market, further expanding the possibilities for institutional adoption.
“Grayscale has confirmed that it plans to convert GBTC into an ETF when possible.”
At the moment, it is not clear when Grayscale could carry out this movement. Well, in 2016 they tried to get the approval of a Bitcoin ETF before the SEC, later withdrawing their proposal considering that the regulatory environment was not advanced enough. Therefore, although they confirm their intention to try again, they clarify that the moment will be determined by the regulations.
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