Grayscale could file to convert its bitcoin trust into a spot ETF as early as next week as the new reports show so let’s read more In our latest Bitcoin news today.
The world’s biggest crypto investment vehicle Grayscale could file to convert its Bitcoin trust into a Bitcoin spot ETF next week which came as multiple reports claimed that the SEC has finally decided to approve an exchange-traded fund tracking the performance of BTC even if it is a futures one. Citing familiar with the matter, CNBC reported that Grayscale will file an application with the Securities and Exchange Commission to convert its Bitcoin trust into a spot ETF next week. Once the company finishes its filing, the Commission will start a 750day reviewing period. As per the reports, Grayscale decided to act now because of the latest developments on the SEC-BTC ETF front.
A few reports emerged showing that the agency finally decided to allow a Bitcoin futures ETF to go live in the States. The biggest crypto asset manager strived for years to convert the Bitcoin trust into the exchange-traded fund tracking the performance of the main digital asset. The company outlined its plans once again and it took a step ahead after its partnership with America’s oldest bank BNY Mellon. The institution will provide the Grayscale BTC trust with the necessary fund accounting and administration. Grayscale appointed David LaVelle who is a former executive at Alerian and S-Network Global Indexes to help it in the process of converting the biggest BTC fund into an ETF. With the October 15th update, the company has about $52 billion in AUM as the BTC trust had the biggest share with nearly $38 billion.
As recently reported, Grayscale added uniswap and Solana to the latest $495 million investment fund do its digital large-cap fund in the latest quarterly rebalancing. The allocations mark the first time that the company added Solana to the investment vehicle. At the end of the day, Solana made up 3.24% of the Digital Large Cap Fund and UNI which is another 1.06%. BTC dominates the funds as it makes up to 62% and Ethereum is the next biggest coin that made up 26%. The fund bought Solana and Uniswap by selling some of the assets in the fund and Grayscale decreased its BTC allocation by about 5% since the last rebalancing.
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