Grayscale is continuing their push with the SEC to allow the Grayscale Bitcoin Trust (GBTC) to transition to an ETF. A new letter from Grayscale’s legal team states, “We believe the Teucrium order confirms the fundamental point made in our November 29, 2021 letter in support of the above-referenced proposal: when it comes to approving ETPs, there is no basis for treating spot Bitcoin products differently from Bitcoin futures products.” Grayscale also notes that futures-based funds aren’t always exposed to less risk than a spot fund as the futures pricing comes from data of spot exchanges.
ETF Newz Says:
With all of these factors noted, the SEC will make their decision on the spot bitcoin ETF sometime this summer and Grayscale says legal action is possible to aid the launch.
