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Michael Sonnenshein, CEO of Grayscale Investments, says the recent tsunami of spot bitcoin (BTC) exchange-traded fund (ETF) filings should be viewed as a “moment of validation” for bitcoin.
during july 12 Interview on cnbc last Call, Sonnenshein dismissed the notion that BlackRock’s entry into the bitcoin ETF race has made it “uncool.”
“To see that, literally, the world’s largest asset manager has publicly committed to furthering its crypto endeavors only boosts the legitimacy of the asset class and the staying power it has.”
Over the past four weeks, at least seven major institutional firms, including BlackRock, have applied for spot bitcoin ETFs in the United States.
“This is the moment of validation,” says @grayscale CEO @sonnenshin But $BLK launch target $BTC spot etf. “Seeing the world’s largest asset manager publicly commit to furthering its crypto endeavors only validates the asset class and the staying power it has.” pic.twitter.com/agt7emHWt0
– Last Call (@LastCallCNBC) 11 July 2023
If approved, both institutional and retail investors in the US will have a simple, legally compliant way to gain exposure to the price of bitcoin without actually owning any.
“The ETF wrapper is tried and true and has become the access point for many different assets, be they commodities or stocks,” Sonnenshein said.
“Bitcoin is an asset that will not expire. Investors want and deserve access to it.
Up to this point, Sonnenshein’s Grayscale has been providing US investors with a roundabout way of getting exposure to bitcoin – by allowing investors to trade shares in trusts that hold large pools of bitcoin through its Grayscale Bitcoin Trust (GBTC). make capable.
Today, our attorneys filed a letter with the DC Circuit highlighting the disparity between the SEC’s approval of Leveraged #bitcoin Continues to refuse to approve spot bitcoin ETFs like futures ETFs $GBTC, Let’s get into the depth. /6 pic.twitter.com/z7WyGBthhT
— Grayscale (@grayscale) 10 July 2023
However, the company is also looking to convert it into a spot bitcoin ETF, which would allow inventors a much simpler method of trading the price of bitcoin without the heavy discounting of GBTC to its net asset value.
“Being able to give investors bitcoin exposure through GBTC, as we do today, has been an incredible milestone (…) but moving to an ETF structure will give investors the added protections they seek.”
In June 2022, Grayscale filed a lawsuit against the United States Securities and Exchange Commission over the denial of its 2021 application to convert GBTC.
Connected: Grayscale settles lawsuit with Fir Tree over proposed changes to the Bitcoin Trust
“If we are successful in that challenge, there are literally billions of dollars of investor capital that will be unlocked through this,” Sonnenshein said.
On June 15, a few days after BlackRock filed for a spot bitcoin ETF, the price of bitcoin rose by 20%, reaching a one-year high of $31,460 on July 6. It is currently trading at $30,633.
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