Digital Asset Management Company Announces Plans To Convert All 15 Cryptocurrency Funds To ETFs
Grayscale Investments has partnered with the New York Stock Exchange (NYSE) to apply to the US Securities and Exchange Commission (SEC) to convert its Grayscale Bitcoin Trust into an exchange-traded fund (ETF). The management company decided to convert its bitcoin fund into an ETF after the regulator approved the issuance of an exchange-traded fund based on bitcoin futures from ProShares. Grayscale Investments also plans to convert its other 14 cryptocurrency funds into ETFs.
The Grayscale Bitcoin Trust functions similarly to ETFs in that it is secured and priced at Bitcoin. It is not registered with the SEC, so only accredited investors have access to it.
Grayscale Investments is a digital asset management company that allows accredited US investors to purchase cryptocurrency investment products in a regulated environment through traditional marketplace instruments.