• “Stay Tuned,” says Barry Silbert, regarding the conversion of GBTC into an ETF

  • In response to a tweet about potentially converting its Grayscale Bitcoin Trust into a physically-backed exchange-traded fund, Digital Currency Group CEO Barry Silbert urged his followers to “stay tuned.”

    stay tuned— Barry Silbert (@BarrySilbert) October 17, 2021

    The US Securities and Exchange Commission approved ProShares’ Bitcoin futures ETF earlier this week, and it is set to begin trading on Monday.

    However, due to investor protection concerns, the regulator has so far rejected all proposals to launch an ETF that does not directly track the price of Bitcoin. Instead, investors will gain exposure to futures contracts on the Chicago Mercantile Exchange.

    In a recent thread, Joe Orsini, director of research at Eaglebrook Advisors, outlined some risks associated with a futures-based ETF, claiming that it will be applicable for intra-day trading rather than long-term investing.

    Grayscale CEO Michael Sonnenshein stated last month that approving a futures-based ETF before a spot-based ETF would be a “short-sighted” decision.

    The company is on the verge of filing with the SEC to convert GBTC into a spot-based ETF.

    Grayscale hired ex-Alerian CEO David LaValle to work on such a plan in September, according to ULTCOIN365.

    The leading cryptocurrency asset manager confirmed in early April that it intends to convert its Bitcoin trust into an ETF.

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