Grayscale 100% determined to turn GBTC into CEO of Bitcoin ETF

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The chief of crypto investment giant Grayscale believes that only a few maturation points separate the United States from its first Bitcoin (BTC) exchange-traded fund (ETF).

Speaking to CNBC on July 19, Michael Sonnenshein reiterated that a US ETF is not about if, but when.

Sonnenshein: Yes, not when for the US Bitcoin ETF

Regulators currently have 13 ETF applications under consideration, and the United States is lagging behind neighboring Canada when it comes to giving them the green light.

Years of applications and rejections have passed, and some believe that an ETF would end up creating downward pressure on Bitcoin prices in the long run.

Nonetheless, Grayscale CEO Sonnenshein said the company is 100% committed to turning its Bitcoin product, the Grayscale Bitcoin Trust ($ GBTC), into an ETF once the conditions are met.

I think in our headquarters, from our perspective of the world, we were really looking for a few different maturation points in the underlying market, and this is really the final stages of what we think regulators need to approve. these types of products and give investors the protections they are looking for, he told the network.

Last week, Grayscale announced a partnership with US banking giant BNY Mellon, which will now provide services for GBTC during its metamorphosis.

GBTC is already making headlines in crypto circles about its unlock events, the biggest of which happened on Sunday, with mixed opinions on their potential impact on prices.

Not all quiet on the western front

Institutional advances continue to surface this month despite low volumes and a general lack of direction in the market.

Related: Historically Low Spot Volumes and Investor Indecision Are Putting Bitcoin Price Down

As Cointelegraph reported, Bank of America reportedly gave the green light for Bitcoin futures trading last week.

Meanwhile, a survey has shown that existing BTC institutional investors are far from done with the asset, with 40% saying they plan to buy more in the future.

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