- Grayscale CEO Michael Sonnenshein reiterated his call for a Bitcoin spot ETF.
- ProShares just filed for their Short Bitcoin Strategy ETF with the SEC.
Institutional investors may now invest in Bitcoin in a new method. The SEC has approved a fourth Bitcoin futures exchange-traded fund (ETF) overnight, according to a statement from the SEC. Teucrium, a hedge fund, is behind the newest Bitcoin Futures ETF authorized by the SEC. More and more exchange-traded funds (ETF) that track a specific commodity are authorized by the Securities and Exchange Commission (SEC).
Approval and Rejection Reasons Unknown
So far, every Bitcoin-based exchange-traded fund has been rejected. However, one invested observer thinks it may be a godsend for those hoping to get in on the action due to the approval method. Grayscale CEO Michael Sonnenshein reiterated his call for a Bitcoin spot ETF in a Twitter discussion. When it comes to the conventional world, Sonnenshein runs Grayscale, one of the most popular ways to acquire Bitcoin.
Sonnenshein said:
“Therefore, if the SEC is comfortable with a #Bitcoin futures #ETF, they must also be comfortable with a spot Bitcoin ETF. And they can no longer justifiably cite the ’40 Act as being the differentiating factor.”
For some time, Sonnenshein has been a proponent and leader in the movement to create a Bitcoin spot ETF. The GBTC Trust will be converted to an ETF in October 2021, according to the company’s plans. The GBTC Trust is the biggest in the traditional financial sector, and its conversion to a spot ETF would be significant.
According to several analysts, it may not be a matter of distinct actions but rather a matter that futures contracts are “settled in cash,” which may be the problem. As the tale of the Bitcoin spot ETF continues, ProShares just filed for their Short Bitcoin Strategy ETF with the SEC.