In a Tuesday Twitter thread, Grayscale CEO Michael Sonnenshein announced the launch of an advocacy campaign for US-based investors to speak up to the SEC before any final decision is made on the Bitcoin (BTC) investment vehicle.
Since the NYSE Arca filed with the commission on Oct. 19 to list shares of Grayscale’s Bitcoin ETF under the ticker GBTC, the commission has postponed its decision twice, first on Dec. 15 and again in Feb.
According to Grayscale’s chief legal officer, Craig Salm, the company has already received over 200 letters in favour of the SEC’s decision to allow the company to transform its Bitcoin Trust into a physically-backed fund. A crypto ETF would be “in the public’s best interest,” says Salm. It would also allow the firm to stay on top of new investment vehicles.
The SEC has yet to approve any investment vehicle with direct exposure to cryptocurrency. Grayscale made an application in October to turn its Bitcoin Trust into an ETF, soon after the SEC approved ProShares’ Bitcoin Strategy ETF for the New York Stock Exchange and Valkyrie’s Bitcoin ETF fund for the Nasdaq Stock Market.
If the SEC approves, Grayscale will have the first openly traded Bitcoin spot ETF in the United States. The regulator has already turned down applications from “Fidelity’s Wise Origin Bitcoin Trust” and “First Trust SkyBridge Bitcoin ETF Trust” this year. In March, the regulator is likely to make a decision on NYDIG’s spot Bitcoin ETF and Stone Ridge Holdings Group’s BTC ETF.