Greyscale Could Get the First Foot in the Door With a Bitcoin ETF

Bitcoin exchange-traded funds (ETF) can be a long drawn out process and has seen the hopes of many of crypto commentators crushed over the past two years.

Multiple of these traded funds have already been shut down and rejected but even though they have attempted to be re-applied, the securities and exchange commission in the United States keeps on turning them down. The Bitwise Asset Management’s revised submission is the latest ETF to reach such a denial.

Despite this, Ryan Selkis of Messari believes that a recent announcement with the securities commission and Greyscale could play a big role in seeing a Bitcoin ETF getting approved later this year.

Greyscale investments had a submitted registration statement on Form 10 with the securities commission a few months ago in November last year. Earlier this week though, the submission statement was actually given the green light and greyscales bitcoin trust became the first digital asset investment spearhead to become a reporting company for the US’s security commission.

The bitcoin trust is a crypto index fund with the securities and exchange commission giving the organisation the chance to reach a wider audience and especially those of established investors.

Selkis has indicated that the SEC is in compliance with the Form 10 approval which will, in the future, be able to see a bitcoin ETF given the thumbs up. He went on to say:

“I’m at the point where I do believe we’ll finally see the much awaited bitcoin ETF within the next 12-18 months.“

For those that don’t know, Greyscales bitcoin trust is one of the biggest crypto asset managers in the world with two and a half billion dollars assets under management and the trust has got the longest existence in the market. 

This current approval as a reporting company is essentially the securities commission noticing the legitimacy in Greyscales trust. 

Selkis adds:

“All that’s left really is for the SEC to finally recognize that this quasi-public vehicle is already available, liquid, and widely coveted by retail investors, while at the same time, the Commission’s own foot-dragging on an “official” ETF approval is quantifiably hurting those same investors by perpetuating the premium that exists on the publicly floated shares.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!