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Grayscale, the world’s leading asset manager is quite focused on its goal of converting its premium bitcoin offering, Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF. The digital asset management firm announced the appointment of 20-year ETF veteran Dave Lavalle as its first Global Head of ETFs.
More than a dozen companies have filed for a Bitcoin ETF with the US Securities and Exchange Commission (SEC), however, the chief regulatory body is yet to decide on any of the filings. SEC has already delayed its decision on three Bitcoin ETFs till now. Despite lack of clarity from the chief regulatory body, Grayscale CEO Michael Sonnenshein believes it’s only a matter of “when” rather than “if” suggesting the SEC would eventually approve the much-awaited regulated Bitcoin investment product.
Lavalle didn’t offer his views on when he thinks the Bitcoin ETF would be passed but said it is just one step above the evolutionary ladder of ETFs. He said,
“The notional Bitcoin ETF coming to market is simply not a new story. It’s just the next story in the evolution of the exchanger to profit marketplace. So obviously, we started with, you know, domestic equity market-cap-weighted index-based products. And then we moved into international equities, commodities, fixed income, sub-sectors of fixed income, more esoteric areas of you know, the frontier markets or, European markets or Asian markets. And so really, the notion of a Bitcoin ETF coming to the market is just another iteration of that kind of regulatory exercise.”
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