Grayscale is looking to restructure its Bitcoin Trust into a fund that can be invested with money or physical assets after the SEC first approved the Bitcoin Futures ETF.
After criticizing Bitcoin Futures ETF can pay in cash SEC Recently approved on Twitter then experts Bitcoin Preston Pysh asked Silbert when Grayscale's Bitcoin Trust was converted to ETF payment in Bitcoin. Silbert replied, "Just wait."
Bitcoin Trust investors, however, seem uneasy with Silbert's words. Twitter user svrgnindividua questioned what the restructuring would mean for investors holding shares in Grayscale's Bitcoin Trust.
“What will happen to people investing in Grayscale after the Spot ETF is approved? Will our investment be converted into ETF shares?”.
October 15th, SEC announced they are accepting registration Bitcoin Futures ETF by ProShares Trust. ProShare's ETF allows investors to cash out Bitcoin futures contracts.
While the ETF approval is widely cited as the main reason for Bitcoin's recent price action, there are many analysts who have criticized the fund's cash settlement structure and advocated for the SEC to approve one. Bitcoin ETF payment in Bitcoin.
According to the latest update on Grayscale holdings on October 15, the company is managing $52.6 billion of which 73% is in the Bitcoin Trust. Data shows that Grayscale's Bitcoin storage consists of about 620,000 BTC or 3.3% total supply of Bitcoin.