Grayscale CEO pleads Bitcoin spot ETF as SEC backs third BTC Futures ETF
Institutional investors rejoice, there is one more way to gain exposure to Bitcoin (BTC). The United States Securities and Exchange Commission (SEC) announced overnight the approval of a fourth Bitcoin futures exchange-traded fund (ETF).
Fund group Teucrium is behind the most recently approved Bitcoin Futures ETF. The ETF joins a growing number of approved futures ETFs, complementing ProShares, Valkyrie, and VanEck Bitcoin Futures ETFs.
Every Bitcoin spot ETF has been rejected to date, however, for one invested observer, the way in which the approval was made could be a boon for expectant spot investors.
The plot thickens on the path to $GBTC’s spot #Bitcoin #ETF conversion…
In a Tweet thread, Grayscale CEO Michael Sonnenshein once again banged the drum for a Bitcoin spot ETF. 71st on the list of Cointelegraph’s Top 100, Sonnenshein manages the Grayscale Bitcoin Trust (GBTC) Trust, one of the main avenues for buying Bitcoin in the traditional world.
Grayscale CEO Michael Sonnensheinin tweeted that “if the SEC is comfortable with a Bitcoin futures ETF, they must also be comfortable with a spot Bitcoin ETF.”
His argument surmises that as “all Bitcoin futures ETFs are created equal,” and that the Teucrium falls under a 1933 act, not the 1940 act which the other three ETFs fall under, then the argument for filing a Bitcoin spot ETF becomes “stronger.”
Therefore, if the SEC is comfortable with a #Bitcoin futures #ETF, they must also be comfortable with a spot Bitcoin ETF. And they can no longer justifiably cite the ‘40 Act as being the differentiating factor.
Sonnenshein has been a proponent and protagonist for the creation of a Bitcoin spot ETF for some time; the company shared plans to convert the GBTC Trust into an ETF in October
Read more on cointelegraph.com
