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The Securities and Exchange Commission [SEC] of the United States has received at least a dozen applications for a Bitcoin exchange-traded fund [ETF]. Despite this, none of them have been authorised. Although the crypto-industry has reacted warmly to SEC Chair Gary Gensler’s statement that it is a matter of when, not if, the BTC ETF would be approved, no deadline is in sight.
However, this wait hasn’t been as torturous for some organizations. Rather, it has provided them with the “ability to focus on our organization which is well positioned and to execute our strategy on building an ETF business holistically,” according to Grayscale’s Global Head of ETFs.
Grayscale is the world’s largest digital currency asset manager, with a Grayscale Bitcoin trust worth $25 billion. The firm has named Dave LaValle as its Global Head of ETFs, a newly created position designed to reinforce the firm’s commitment to “transparency, prudent expansion, and the conversion of its family of products into ETFs.”
Grayscale has been promoting itself as an asset manager for the future generation while the SEC deliberates on authorising BTC ETFs.
“We believe that offering exposures to cryptocurrencies is an aspect of that, but the way we envision marketing and supporting the products are all aspects of how we think we will be able to do things differently going forward.”
In fact, the exec also hinted Grayscale will look at products in a range of wrappers and different asset classes. This means Grayscale will be exploring equity-based products for its clients, with Bitcoin ETFs being “not the only thing.”
“We certainly have a focus on digital assets but it doesn’t prohibit us from exploring other products that are equity based with a next generation feel to them.”
Grayscale has been one of the frontrunners in the Bitcoin ETF race. However, the competition has been tough. Nevertheless, the publicly-traded company already adheres to financial standards and is self-regulatory, something regulators will find pleasing. Grayscale VP Craig Salm shared a similar sentiment when he remarked,
“I think our firms are doing what we can to make these products transparent to investors.”
As Grayscale expands its reach to its clients, the SEC is yet to approve a BTC ETF. According to Gensler, currently, investor protection is lacking in crypto. However, the U.S. regulatory agency would be receptive to Futures-based Bitcoin ETFs.