(SEC Filing) US Securities and Exchange Commission has revealed that it has started a hearing to convert the Grayscale Bitcoin Fund into an exchange-traded fund.
The SEC has 45 days to approve or disapprove a rule change on the filing.
Current and prior Grayscale customers have faulted the move by the fund, saying a direct exposure to Bitcoin is more convenient for retail traders. The customers say investors can use ProShares products to gain a similar exposure with lower rollout costs and premiums.
Analysts expect the conversion of Grayscale into an ETF to receive more investor interest that will attract more funds into the market.
GBTC is down -1.42%.
