Grayscale Wants to Turn Giant Bitcoin Fund Into an ETF. Why It’s a Big Deal.

SectorFinancial Markets
CountryMiddle east

Text size Grayscale Investments, manager of the world’s largest publicly traded Bitcoin fund, said it intends to convert the $34 billion trust into an ETF when regulators allow it to, a move that could preserve its advantage in cryptocurrency investing as other firms seek to make similar moves. “This is a subject that Grayscale has been examining closely from both a commercial and regulatory perspective for several years,” the company wrote in a Monday post. Grayscale, a subsidiary of Digital Currency Group (ticker: DCG), was a pioneer in digital-asset management. It launched the Grayscale Bitcoin Trust (GBTC) in 2013 and many more crypto products, such as the Grayscale Ethereum Trust (ETHE), in the following years. The news came as more...