Barry Silbert, founder and CEO of Grayscale’s parent company, has confirmed the investment firm will convert its trust to a spot ETF.
The Digital Currency Group chief last night teased “stay tuned” when asked about the possibility of Grayscale Bitcoin Trust becoming an exchange-traded fund.
This afternoon, Silbert confirmed the trust would file to become a spot ETF as soon as there was “a clear, formal indication” from the Securities and Exchange Commission.
Bitcoin bludgeoned its way through the psychological barrier of $60,000 on Friday following whispers that the SEC might be on the cusp of granting approval for a Bitcoin Futures ETF.
Since then, there has been no let-up in the fervour around ETFs looking to be approved by the the US financial lawmaker.
Silbert took to Twitter to air his criticism of cash-settled Bitcoin futures ETFs such as ProShares and Valkerye before crypto commentator Preston Physh asked directly about Grayscale’s spot plans.
That’s when Silbert encouraged followers to ‘stay tuned’ before revealing today that Grayscale had been actively pursuing the prospect of a spot ETF for the last eight years.