Cryptocurrency asset management firm Grayscale is reiterating its commitment to launching a Bitcoin exchange-traded fund (ETF).
In a blog post, Grayscale pledges to transform its Bitcoin investment product known as the Grayscale Bitcoin Trust (GBTC) into an ETF.
“First and foremost we wish to make clear: we are 100% committed to converting GBTC into an ETF.”
Per Grayscale, transforming GBTC into an ETF will happen if and when the U.S. Securities and Exchange Commission (SEC) allows it. The crypto asset manager points out that it first applied to issue a Bitcoin ETF five years ago.
“Grayscale first submitted an application for a Bitcoin ETF in 2016 and spent the better part of 2017 in conversations with the SEC. Ultimately, we withdrew our application because we believed the regulatory environment for digital assets had not advanced to the point where such a product could successfully be brought to market.”
While there are other entities in the race for the