{"id":51376,"date":"2021-10-18T17:41:02","date_gmt":"2021-10-18T14:41:02","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=51376"},"modified":"2025-09-02T23:24:06","modified_gmt":"2025-09-02T20:24:06","slug":"dcg-chief-confirms-plans-to-convert-grayscales-bitcoin-trust-into-an-etf","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/dcg-chief-confirms-plans-to-convert-grayscales-bitcoin-trust-into-an-etf\/","title":{"rendered":"DCG chief confirms plans to convert Grayscale&#8217;s Bitcoin Trust into an ETF"},"content":{"rendered":"<p>Barry Silbert, founder and CEO of Digital Currency Group (DCG), the parent company of Grayscale Investments, confirmed that the bitcoin trust GBTC would be converted into a publicly traded exchange-traded fund (ETF).<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\nhttps:\/\/twitter.com\/BarrySilbert\/status\/1450088782309515266\n<\/div>\n<\/figure>\n<div class=\"wp-block-text-wrappers-update-2 article_update\"><time class=\"gtb_text-wrappers_update_time\">October 19, 2021 | 17:06<\/time><span class=\"gtb_text-wrappers_update_head\">Update: <\/span><br \/>\n<script async src=\"https:\/\/telegram.org\/js\/telegram-widget.js?15\" data-telegram-post=\"forklog\/22027\" data-width=\"100%\"><\/script>\n<\/div>\n<p>The trust is Grayscale&#8217;s largest under management. As of October 15, its assets under management stood at $38.68 billion. The company&#8217;s total AUM is estimated at $52.6 billion.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">10\/15\/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.<\/p>\n<p>Total AUM: $52.6 billion<a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24BAT&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BAT<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24BCH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BCH<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24LINK&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$LINK<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24MANA&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$MANA<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24ETC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETC<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24FIL&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$FIL<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24ZEN&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ZEN<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24LTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$LTC<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24LPT&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$LPT<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24XLM&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$XLM<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24ZEC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ZEC<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24UNI&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$UNI<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24AAVE&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$AAVE<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24COMP&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$COMP<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24CRV&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$CRV<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24MKR&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$MKR<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24SUSHI&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$SUSHI<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24SNX&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$SNX<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24YFI&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$YFI<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24UMA&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$UMA<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24BNT&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BNT<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24ADA&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ADA<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24SOL&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$SOL<\/a> <a href=\"https:\/\/t.co\/H095pF7htL\">pic.twitter.com\/H095pF7htL<\/a><\/p>\n<p>\u2014 Grayscale (@Grayscale) <a href=\"https:\/\/twitter.com\/Grayscale\/status\/1449113120417492993?ref_src=twsrc%5Etfw\">October 15, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div>\n<\/figure>\n<p>Earlier, CNBC, citing its own sources, reported that the firm planned to file with the U.S. Securities and Exchange Commission (SEC) <a href=\"https:\/\/u1f987.com\/en\/news\/grayscale-to-file-to-convert-bitcoin-trust-into-an-etf\">an application to convert GBTC into an ETF<\/a> &#8220;next week&#8221;.<\/p>\n<p>It was proposed that the documents would be sent after the ETF regulator approved the first cryptocurrency futures-based product.<\/p>\n<p>On Friday, October 15, the SEC did not provide a timely response to ProShares&#8217; prospectus. Technically this amounted to a <a href=\"https:\/\/u1f987.com\/en\/news\/sec-quietly-approves-first-futures-based-bitcoin-etf\">&#8216;quiet&#8217; approval of the application<\/a>.<\/p>\n<p>It is planned that ProShares Bitcoin Strategy ETF, under ticker BITO, <a href=\"https:\/\/u1f987.com\/en\/news\/media-set-the-date-for-the-start-of-trading-of-the-first-u-s-futures-bitcoin-etf\">will begin trading<\/a> on the New York Stock Exchange on October 19.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;I think there is a lot of excitement for regulators finally allowing something related to Bitcoin on a national securities exchange,&#8221; commented Grayscale CEO Michael Sonnenshein on CNBC.<\/p>\n<\/blockquote>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">&#8220;I think there is a lot of excitement for regulators finally allowing a <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> anything on to a national securities exchange,&#8221; says <a href=\"https:\/\/twitter.com\/Grayscale?ref_src=twsrc%5Etfw\">@Grayscale<\/a> CEO <a href=\"https:\/\/twitter.com\/Sonnenshein?ref_src=twsrc%5Etfw\">@Sonnenshein<\/a> on ETFs. &#8220;When you look at the structure of a Bitcoin Futures product, there is going to be an impact to investors.&#8221; <a href=\"https:\/\/t.co\/kwuRteU37E\">pic.twitter.com\/kwuRteU37E<\/a><\/p>\n<p>\u2014 Squawk Box (@SquawkCNBC) <a href=\"https:\/\/twitter.com\/SquawkCNBC\/status\/1450069407410139145?ref_src=twsrc%5Etfw\">October 18, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div>\n<\/figure>\n<p>Plans to convert the Bitcoin Trust to an ETF first emerged in April. The product would be a spot fund, with the cryptocurrency itself as the underlying asset rather than a derivative.<\/p>\n<p>As reported in August, SEC Chair Gary Gensler <a href=\"https:\/\/u1f987.com\/en\/news\/gensler-warns-of-tighter-regulation-for-defi-and-stablecoins\">said the regulator would consider Bitcoin ETFs<\/a> if they were based on Chicago Mercantile Exchange futures and complied with the Investment Company Act of 1940.<\/p>\n<p>Subsequently he <a href=\"https:\/\/u1f987.com\/en\/news\/gensler-outlines-the-conditions-under-which-the-sec-would-approve-a-bitcoin-etf\">confirmed<\/a> the criteria set for the products.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Barry Silbert, founder and CEO of Digital Currency Group, confirmed that the Bitcoin Trust GBTC would be converted into an ETF.<\/p>\n","protected":false},"author":1,"featured_media":51377,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[943,1211,26],"class_list":["post-51376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-grayscale-investments","tag-stock-market","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/51376","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=51376"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/51376\/revisions"}],"predecessor-version":[{"id":51378,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/51376\/revisions\/51378"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/51377"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=51376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=51376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=51376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}