The crypto community firmly believes it is just a matter of “when”, when the U.S. SEC approves a Bitcoin ETF. Recent events seems to suggest we are heading in that direction, especially the most recent update of BlackRock and Bitwise S-1 filings for their respective Bitcoin ETFs.
Among the frontrunner is Grayscale. Grayscale has been in this regulated space since years ago, operating under the Grayscale Bitcoin Trust (GBTC). However, Grayscale has filed an application to covert its GBTC to an actual Bitcoin ETF. So, what actually happens when it happens?
First of all, the price of Grayscale Bitcoin ETF (let’s call it GBTCE) will more closely mirror the price of Bitcoin. There will no longer be things like a discount or a premium. And did you know that GBTC currently owns 3% of all Bitcoin in circulation? Currently, shares of GBTC are listed on OTCQX.
Secondly, holders of GBTC will not really have to do anything. Their shares in GBTC will convert to shares of GBTCE and GBTCE will be listed on NYSE Arca. The ticker symbol on NYSE Arca will also be retained as “GBTC”.
So, when will this conversion take place? The Grayscale team has no idea as of now except that they are working diligently with the U.S. SEC on this process.
In the opinion of the SuperCryptoNews team, we believe the listing of Bitcoin ETFs on the world’s largest financial market will herald a new wave of Bitcoin investments and will most likely push the price of Bitcoin to new highs.
The current bull market trend seems to suggest that smart money has already gotten in before the dam explodes.
2024 will be THE year of crypto.
