Grayscale Investments is a well-known name in the crypto space. The firm boasts of being the largest digital asset management firm in the world. However, Grayscale is planning to make changes in its strategies to have a better foothold in the crypto industry. In a recent development, it is reported that Grayscale has sought permission from the United States Securities and Exchange Council for converting the GBTC (Grayscale Bitcoin trust) into a sport Bitcoin ETF. News of this development was confirmed by Grayscale through a press statement.
Bitcoin-backed ETFs are the newest craze in the crypto sector. As the United States SEC gave the nod to Proshare to go ahead with their Bitcoin ETF, it saw unprecedented trade volume. Other asset management firms are eyeing the spot as well. As consumer interest in cryptocurrency is growing, cryptocurrency ETFs are going to be the next big thing. Many investors who want to take part in the crypto economy are often hesitant to go into direct buying and selling Bitcoins or other cryptocurrencies. However, ETFs provide a safe and regulated mechanism for them to enter the crypto space. As we could see from the stellar first-day success of Proshare’s Bitcoin-backed ETF, demand for them is at an all-time high.
After its launch in 2013, Grayscale has become the leading player in the crypto space. As of now, 3.44% of all Bitcoins in circulation are in possession of Grayscale. Once Grayscale enters the cryptocurrency ETF space, it will give all its competitors a run for their money.
