Grayscale: 99% of letters with comments for SEC support Spot Bitcoin ETF
Digital asset management company Grayscale has announced overwhelming support in public comments for its application to launch a spot bitcoin ETF
In a letter to investors, Grayscale noted that of the 11,400 letters received by the SEC regarding their BTC product, 99.96% expressed support for the company. According to Grayscale, approximately 33% of emails ask a question about the absence of a spot bitcoin ETF in the US, given the SEC's approval of bitcoin futures ETFs.
"The SEC's actions over the past 8 months signal a growing recognition of the maturity of the underlying bitcoin market. The approval of each BTC-related investment product strengthens our arguments in favor of the need to launch a spot bitcoin ETF," said Grayscale CEO Michael Sonnenshein.
At the moment, the regulator is considering Grayscale's application, as a result of which Bitcoin Trust (GBTC) shares should be converted into a fund with physical collateral, which, if approved, will be the first offer of a spot bitcoin ETF in the United States. The 240-day review period, which began in November 2021 and will end on July 6, is nearing completion.
However, many industry experts suggest that the approval of a spot bitcoin ETF is still unlikely. The SEC rejected similar applications from NYDIG and Global X back in March, and from One River Digital in May.
"In my opinion, the chances that GBTC will be allowed to convert into an ETF next week are 0.5%," says Bloomberg ETF analyst Eric Balchunas
It is not yet clear what Grayscale will do if the SEC rejects the application. Earlier, the company said it would make every effort to convert its BTC trust into an ETF.
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