Sendable Grayscale to Convert BTC Trust to Spot ETF: Report

Grayscale could request the conversion of its Bitcoin trust to a spot ETF as early as next week if new reports emerge.

The world’s largest crypto investment vehicle, Grayscale, could move next week to convert its bitcoin trust fund to a spot bitcoin ETF as more reports claim the SEC has finally decided to accept it as a future. Citing people familiar with the matter, CNBC reported that Grayscale will file with the Securities and Exchange Commission next week to convert a Bitcoin trust into a spot ETF. Once the company completes the application, the commission will start a 750 day review period. According to reports, based on the latest developments on the SEC BTC ETF front, Grayscale has decided to trade now.

Several reports have surfaced suggesting that the agency has finally decided to run a Bitcoin futures ETF in the United States. The largest crypto asset manager has been trying for years to convert Bitcoin into an exchange-traded fund that tracks the performance of its main digital asset. The company has redesigned its plans and is one step ahead after partnering with America’s oldest bank, BNY Mellon. The Foundation will provide the Grayscale Trust with BTC with the necessary fund management and bookkeeping. Grayscale has appointed David LaVelle, a former executive director of Alerian and S-Network Global Indexes, to help convert the largest BTC fund into an ETF. By October 15th^NS update, the company has assets under management of around US $ 52 billion, as BTC Trust has the largest market share with almost US $ 38 billion.

As recently reported, Grayscale added uniswap and Solana to its latest $ 495 million fund to run its large-cap digital fund as part of its most recent quarterly rebalance.

The award marks the first time the company has included Solana in the investment vehicle. At the end of the day, Solana was 3.24% of the Digital Large Cap Fund and UNI was another 1.06%. BTC dominates the funds with 62% and Ethereum is the second largest coin with 26%. The fund bought Solana and Uniswap by selling some of the fund’s assets, and Grayscale has reduced its BTC allocation by about 5% since the last rebalancing.

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