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Grayscale Confirms Plan to Convert GBTC Into Bitcoin ETF

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Grayscale Investments has confirmed its plan to file for its bitcoin trust (GBTC) to be converted into a bitcoin exchange-traded fund (ETF). “The NYSE Arca will file a document called the 19b-4 to convert GBTC into an ETF,” said Grayscale’s official.

GBTC to Become Bitcoin ETF

Grayscale Investments has confirmed that it will convert its flagship product, Grayscale Bitcoin Trust (GBTC), into a bitcoin exchange-traded fund (ETF). Jennifer Rosenthal, Grayscale’s communications director, tweeted Monday:

Today, I’m happy to confirm that Grayscale will file for GBTC to be converted into an ETF as soon as there’s a clear, formal indication from the SEC.

She described: “Grayscale’s position has always been clear: we are 100% committed to converting GBTC — and our product family — into ETFs, when the SEC has formally expressed their requisite comfort with the underlying bitcoin market.”

The Grayscale communications director added that there are positive developments within the SEC, including the approval of a futures-based bitcoin ETF that is expected to start trading Tuesday. The bitcoin futures ETF from Proshares will trade under the ticker symbol “BITO” on the NYSE.

Rosenthal explained that this means:

Once there’s official and verifiable evidence of the SEC’s comfort with the underlying bitcoin market — likely in the form of a bitcoin futures ETF being deemed effective — the NYSE Arca will file a document called the 19b-4 to convert GBTC into an ETF.

The company’s total assets under management (AUM) is $53.5 billion as of Oct. 18, with GBTC holding about $39.77 billion.

Grayscale CEO Michael Sonnenshein told CNBC Monday:

There is a lot of excitement for regulators finally allowing a bitcoin anything onto a national securities exchange … When you look at the structure of a bitcoin futures product, there is going to be an impact to investors.

What do you think about Grayscale converting GBTC into a bitcoin ETF? Let us know in the comments section below.

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Finance, bitcoin etf, Bitcoin Futures ETF, bitcoin trust, ETF, exchange traded fund, GBTC, gbtc bitcoin etf, grayscale, Grayscale Investments, Proshares

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Bank of America: The Metaverse Is a Massive Opportunity for The Crypto Industry

Haim Israel – a strategist at Bank of America – believes the metaverse will create huge opportunities for blockchain technology. It will also cause digital assets to start being employed widely for financial transactions. Nonetheless, private tokens are too volatile, and stablecoins like Tether (USDT) and USD Coin (USDC) are more likely to prevail, he::Listen

Haim Israel – a strategist at Bank of America – believes the metaverse will create huge opportunities for blockchain technology. It will also cause digital assets to start being employed widely for financial transactions.

Nonetheless, private tokens are too volatile, and stablecoins like Tether (USDT) and USD Coin (USDC) are more likely to prevail, he opined.

The Metaverse Is The Future

In a recent interview, the Managing Director and Global Strategist at Bank of America – Haim Israel – described the metaverse as the tool that will drive the cryptocurrency industry towards mass adoption if certain conditions are met:

“I definitely believe this is a massive, massive opportunity. You need the right platforms… that are definitely going to be a big opportunity for this entire ecosystem.”

Israel also predicted that the metaverse is where “we’re going to start using cryptocurrencies as currencies.” However, existing digital assets such as bitcoin, ether, and the rest are too volatile to fit in this role. As such, stablecoins will probably prevail since they are pegged to fiat currencies or precious metals, which tend to fluctuate a lot less.

Subsequently, Israel believes that if cryptocurrencies become widely used in the metaverse, large tech companies will enter the landscape.

Haim Israel
Haim Israel, Source: Financial News

The term “metaverse” got increasingly popular during the last couple of months, especially after Mark Zuckerberg announced the rebranding of Facebook to Meta – a new title that emphasizes his firm’s vision.

Put simply, the metaverse is a virtual world where people can play games, socialize, work, build things, and even trade and earn crypto assets.

The Metaverse Space May Soon Reach $1T Market Value

According to a report by the leading digital asset manager – Grayscale, the metaverse industry world could soon be worth over $1 trillion.

The investment giant noted that the opportunity for the space extends far beyond gaming and touches sectors like advertising, digital events, social commerce, hardware, and developer/creator monetization.

Assuming the latest data is correct, the total market capitalization of Web 3.0 metaverse crypto networks is already near $30 billion. However, the industry might emerge as a disruptor for Web 3.0, similar to how Facebook changed Web 2.0.

The analysis also showed that the number of metaverse wallets had multiplied by a factor of ten compared to the beginning of last year. In the last quarter of 2021, the number stood at around 50,000.

Grayscale Confirms Plan to Convert GBTC Into Bitcoin ETF

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