On October 17th, according to CNBC, citing people familiar with the matter, Grayscale, a global crypto asset management company, plans to apply for the conversion of the world’s largest Bitcoin fund into a spot exchange-traded fund (ETF) early this week.
Although the exact timing of the grayscale plan submission may be new, the digital asset management company intends to seek approval for a Bitcoin-based spot ETF after the futures-based ETF is approved.
Grayscale ETF will be backed by actual units of cryptocurrencies, rather than simply linking them through derivative contracts (such as futures). If the proposal is approved, it will further expand the leading cryptocurrency as a recognized investable asset.