Grayscale ‘100% committed’ to turning GBTC into Bitcoin ETF — CEO
The head of crypto investment giant Grayscale believes that only a “couple of maturation points” separate the United States from its first Bitcoin (BTC) exchange-traded fund (ETF).
Speaking to CNBC on July 19, Michael Sonnenshein reiterated that a U.S. ETF is a matter of “not ‘if,’ but ‘when.’”
Sonnenshein: “If, not when” for U.S. Bitcoin ETF
Regulators currently have 13 ETF applications under consideration, and the U.S. lags behind neighboring Canada when it comes to giving them the green light.
Years of applications and rejections have gone by, and some believe that an ETF would ultimately create bearish price pressure for Bitcoin in the long term.
Nonetheless, Grayscale CEO Sonnenshein says the firm is “100% committed” to transforming its Bitcoin product, the Grayscale Bitcoin Trust ($GBTC), to ETFs once conditions are right.
“I think in our seat, from our view of the world, we’re really looking for a couple of different points of maturation in the underlying market, and that’s really the final stages of what we think regulators need to approve those types of products and give investors the protections that they’re looking for,” he told the network.
Last week, Grayscale announced a partnership with U.S. banking giant BNY Mellon, which will now provide services for GBTC when it undergoes its metamorphosis.
GBTC is already in the headlines in crypto circles over its unlocking events, the largest of which occurred Sunday, with opinions mixed over their potential price impact.
Not all quiet on the western front
Institutional advances continue to surface this month despite low volumes and overall lack of direction on the market.
As Cointelegraph reported, Bank of America reportedly gave the green light for Bitcoin futures trading last week.
A survey meanwhile showed that existing institutional BTC investors are far from done with the asset, with 40% saying they plan to buy more in future.