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Grayscale believes it’s only a matter of time before the SEC approves a Bitcoin ETF

Grayscale Investments views the statement made by SEC Chairman Gary Gensler as a positive development.

Image by: Marco Verch / Flickr

Wed, 11 Aug 2021, 10:39 am UTC

The Bitcoin ETF movement appears to have hit some setback when the Securities and Exchange Commission hinted that the agency may not yet be ready to approve BTC EFTs citing the need for more regulation. However, Grayscale Investments views the statement made by SEC Chairman Gary Gensler as a positive development in the area.

“We read Chair Gensler’s comments to be very positive ... because the story is no longer if there’s going to be a bitcoin ETF but when there’s going to be a bitcoin ETF,” Grayscale’s global head of ETFs David LaValle told CNBC’s “ETF Edge” on Monday.

Grayscale plans to eventually convert its hugely popular Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund. However, LaVelle pointed out that it could only happen when the SEC gets comfortable enough with the prospect.

“When the SEC gets comfortable that there’s enough transparency, enough maturity, in the underlying market, we’re going to see an ETF,” he added.

While the SEC has not yet approved any of the BTC ETF applications it received, investors seeking exposure in crypto can still go for Bitcoin futures-based mutual funds such as the Bitcoin Strategy ProFund (BTCFX) launched in July.

“The advantage of this approach is clear,” ProShares’ head of investment strategy Simeon Hyman said in the same interview. “The futures market is regulated. So, you’ve got the CME [Chicago Mercantile Exchange], the CFTC [Commodity Futures Trading Commission], you’ve got the clearinghouse, and then you’re in a mutual fund that people understand well and you can get in and out every day at NAV [net asset value].”

The Bitcoin Strategy ProFund does not directly invest in Bitcoin but in Bitcoin futures contracts. “I think we will likely see some demand for this product as the SEC is less likely to approve an ETF,” CFRA head of ETF and mutual fund research Todd Rosenbluth said, according to Blockworks.

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