Grayscale CEO: launching spot BTC ETFs will give bitcoin access to the $30 trillion market

Michael Sonnenschein also spoke about a meeting with SEC officials regarding the conversion of the GBTC bitcoin trust

20.12.2023 - 14:12

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What’s new? Michael Sonnenschein, CEO of investment firm Grayscale, notes investor optimism about bitcoin due to the possibility that spot exchange-traded funds (ETFs) based on it may soon be launched in the United States. He noted that the approval of such products by the SEC securities regulator will open bitcoin access to the US market of asset management services, which is currently estimated at $ 30 trillion.

CNBC’s material

What else is known? Grayscale is awaiting approval to convert its bitcoin trust into a spot ETF. According to Sonnenschein, the company’s representatives held another meeting with SEC officials on November 22 to discuss the details of the matter. Earlier, the businessman has already noted the productivity of such negotiations.

He also emphasized that the launch of spot BTC ETFs will open access to the first cryptocurrency to a wider community of traders who previously had no opportunity to invest in the asset.

Earlier, MicroStrategy Chairman Michael Saylor said that the approval of spot BTC ETFs would be the biggest event for Wall Street since 1993 when an exchange-traded fund based on the S&P 500 index was launched.

In turn, ETF Store president Nate Geraci believes that such products will outperform cryptocurrency exchanges due to lower transaction fees, which will turn into a “bloodbath” for the latter.

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