Grayscale tells SEC that turning biggest bitcoin fund into ETF will unlock $8 billion for investors

Grayscale tells SEC that turning biggest bitcoin fund into ETF will unlock $8 billion for investors

, the asset manager running the world's largest bitcoin fund, met privately with the Securities and Exchange Commission last week in an effort to persuade the regulator to approve the conversion of its flagship fund into an ETF, CNBC has learned. Turning the Grayscale Bitcoin Trust into a NYSE-traded ETF would broaden access to bitcoin and enhance protections while unlocking up to $8 billion in value for investors, according to a 24-page presentation obtained by CNBC. That's because the trust, known by its ticker, has traded at an average 25% discount to the price of its underlying asset since early 2021, a discount that should disappear upon conversion, the company said. Led by CEO , Grayscale has engaged in a high-stakes campaign to pressure the U.S. regulator to approve the first spot-based bitcoin ETF. The asset manager has including  win approval for futures-based bitcoin exchange-traded funds, showing that the SEC is more comfortable with products based on futures over those based on bitcoin. A spot-based bitcoin ETF would be a significant milestone in the adoption of digital assets because it would open them up to ordinary investors in a familiar wrapper that trades like a stock. The goal has