Grayscale CEO: BlackRock ETF filing a ‘moment of validation’ for Bitcoin
The recent tsunami of spot Bitcoin (BTC) exchange-traded fund (ETF) filings should be seen as a “moment of validation” for Bitcoin, says Grayscale Investments CEO Michael Sonnenshein.
During a July 12 interview on CNBC’s Last Call, Sonnenshein rejected the notion that BlackRock’s entrance to the Bitcoin ETF race made it “uncool.”
In just the last four weeks, at least seven major institutional firms including BlackRock have applied for a spot Bitcoin ETF in the United States.
"It's a moment of validation," says @Grayscale CEO @Sonnenshein on $BLK aiming to launch a $BTC spot ETF. "To see the largest asset manager in the world publicly commit to advancing their crypto efforts only lends validity to the asset class and the staying power that it has." pic.twitter.com/agt7emHWt0
If approved, both institutional and retail investors in the U.S. would have a simple, legally compliant way of getting exposure to the price of Bitcoin without actually owning any.
“The ETF wrapper is tried and true and it has become the access point for so many different assets, whether they’re commodities or stocks,” said Sonnenshein.
Up until this point, Sonnenshein’s Grayscale has been offering U.S. investors a roundabout way of gaining exposure to Bitcoin — by enabling investors to trade shares in trusts holding large pools of Bitcoin via its Grayscale Bitcoin Trust (GBTC).
Today, our attorneys filed a letter with the DC Circuit highlighting the disparity between the SEC’s approval of a leveraged #bitcoin futures ETF while continuing to deny approval of spot bitcoin ETFs like $GBTC. Let’s dive deeper. /6 pic.twitter.com/z7WyGBthhT
However, the firm wants to convert it to a spot Bitcoin ETF too, which would allow inventors a far simpler method to
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