In a data submitted to the U.S. Securities and Exchange Commission (SEC) that day, Grayscale clarified that there are many questions about the possibility of Bitcoin ETFs in the U.S., and above all, it is 100% committed to converting GBTC to ETFs. .
At the same time, he said he would like to focus on the conversion of GBTC’s ETF even though the timing of the transition to Bitcoin ETF is determined by the regulatory environment.
Grayscale first applied for an ETF in 2016 but withdrew it due to regulatory barriers.
GBTC has maintained a high premium for several years since its launch, but recently it has been trading at a negative premium for more than a month with the price of bitcoin approaching $60,000.
According to YouTube, on the same day, Grayscale’s parent company Digital Currency Group announced a plan to purchase $250 million worth of GBTC shares to solve the negative premium problem.
Brazil has recently approved a Bitcoin ETF after Canada, where the world’s first Bitcoin ETF was launched, and the US has yet to accept applications for a number of Bitcoin ETF approvals by the SEC.
However, with President Joe Biden’s nomination, he is about to take office through a parliamentary approval process, and expectations for the possibility of the approval of the Bitcoin ETF under the new SEC chairman Gary Gansler, who is known to have a positive position on cryptocurrency, are rising.