24% discount or not, can Grayscale’s Bitcoin Trust count on real support
ambcrypto.comGrayscale Bitcoin Trust, arguably the grand daddy of crypto-funds, may just have fulfilled a long-held ambition. It became an Exchange-traded fund (ETF)— at least in name. It officially submitted an application on 19 October to the U.S Securities and Exchange Commission to convert its fund into a BTC spot ETF.
Despite the SEC’s red flag to a spot ETF, investors have now shared their thoughts, one favouring the conversion of Grayscale’s BTC Trust into a spot ETF.
Bloomberg’s Senior ETF analyst Eric Balchunas, on 15 February, claimed that 95% of its investors are in favor of the much-awaited conversion.
<p lang=«en» dir=«ltr» xml:lang=«en»>Just glancing through the many comments from ppl to the SEC re converting $GBTC to an ETF and 95% are in favor of it and most using real names and pointing to the stupefying fact that futures ETF ok but spot not. eg: pic.twitter.com/j15iNYnh8R— Eric Balchunas (@EricBalchunas) February 14, 2022
Different investors highlighted similar interests for a spot ETF, when compared to Futures ETFs.
The SEC, for its part, has continued to delay its decision on the former due to fears of Bitcoin spot ETF manipulation. On the contrary, the SEC has already approved 3 Bitcoin Futures ETFs. Alas, countries such as Canada have been open to the same, approving investment products such as the former.
Nonetheless, the demand for a physically-backed BTC ETF is on the rise. In fact, the tweet also hinted at possible manipulation concerning the equity market. The point being that manipulation isn’t something just restricted to digital assets, as cautioned previously by regulators.
<p lang=«en» dir=«ltr» xml:lang=«en»>Here's one pointing out how the stock market can be just as manipulated and volatile as crypto Read more on ambcrypto.com
