Grayscale Names Conversion of Bitcoin Trust to ETF a Company Priority
The conversion of a GBTC Bitcoin trust to an exchange-traded fund (ETF) is a top priority for Grayscale Investments. This was stated by the head of the investment company Michael Sonnenschein in an interview with Financial News:
“For us as a company, this is the number one priority. The SEC has created an unfair playing field and forced investors to switch to futures ETFs as it is the only product in existence.”
Grayscale’s Bitcoin Trust is the largest crypto fund in the world. According to the company, it manages assets worth more than $27 billion.
GBTC units are trading at a near 27% discount to its net asset value (NAV). The discount has been observed since March 2021. Since the fund’s quotes have fallen by more than 40%, Bitcoin has lost about 15% in price. Not in the best way, the structure’s investors are also affected by the management commission of 2%.