Home Business Grayscale Still ‘Commited’ To Convert Its Bitcoin Trust to ETF

Grayscale Still ‘Commited’ To Convert Its Bitcoin Trust to ETF

Source: Adobe/Ascannio

Major US-based crypto investment company Grayscale Investments said they’re “100% committed” to converting their Grayscale Bitcoin Trust into an exchange-traded fund (ETF). However, according to them, the timing will be driven by the regulatory environment.

“Each Grayscale product is at various stages of this lifecycle and our intention has always been to convert these products into an ETF when permissible,” they said.

Per the company, when GBTC converts to an ETF, shareholders of publicly-traded GBTC shares will not need to take action and the management fee will be reduced accordingly.

GBTC, which is now closed for investments, has USD 38.8bn in assets under management.

The trust is structured to hold BTC, while the value of each share is dependent on the amount of crypto under management. However, there is no way to redeem the underlying crypto.