Grayscale Investments Asks Investors to Help Convince SEC to Approve Bitcoin Spot ETF

Grayscale Investments, the world’s largest digital asset manager, has launched a campaign aimed at convincing the U.S. Securities and Exchange Commission (SEC) to approve its bitcoin spot exchange-traded fund (ETF) application. Grayscale seeks to convert its $25.7 billion bitcoin trust (GBTC) to a bitcoin spot ETF.

Asset Manager Campaigns to Get Bitcoin Spot ETF Approved

Grayscale Investments announced Tuesday the launch of a campaign “to educate and encourage American investors to submit comments” on its application with the SEC to convert Grayscale Bitcoin Trust (OTCQX: GBTC) to a spot bitcoin ETF. GBTC is the company’s largest investment product with $25.7 billion in assets under management.

The application was filed on Oct. 19 by NYSE Arca, the exchange that will list and trade shares of the new bitcoin ETF, if approved. On Dec. 15, the SEC designated a longer period to consider Grayscale’s application. On Feb. 4, the Commission asked the public for comments on the application.

The SEC has only approved bitcoin futures ETFs so far. The securities watchdog continues to reject bitcoin spot ETF applications.

Grayscale CEO Michael Sonnenshein commented, “American investors should have a choice in how to obtain bitcoin exposure,” emphasizing:

It is clear we have reached a tipping point in the adoption of digital assets.

“Maintaining the regulatory status quo may feel like the safe option, but the reality is that failing to keep pace with change is the far riskier path for main street investors and our country,” he continued.