Grayscale CEO Michael Sonnenshein believes there will be a flood of capital flowing into Bitcoin (BTC) once the US Securities and Exchange Commission (SEC) greenlights a BTC exchange-traded fund (ETF) on the spot market.
In a new CNBC Television interview, Sonnenshein says the approval of spot Bitcoin ETF applications will open the opportunity for a group of investors to gain exposure to the top crypto assets based on market capitalization.
“I think there is a lot of optimism in the market again. I think a lot of investors are adding Bitcoin to their portfolios and as we look ahead to the hopeful approval for spot Bitcoin ETFs, this will really unlock the opportunity for some of the investment community to do that for better or for worse – but I would to put it even worse – is unfortunately excluded from the opportunity to participate in Bitcoin exposure in their portfolios.
We’re actually talking about the advised market here in the US, which currently represents approximately $30 trillion in advisory assets. We hope that the approval of Bitcoin ETFs, the uplisting of GBTC (Grayscale Bitcoin Trust) will enable that opportunity for those investors. to participate in it too.”
Grayscale is one of the major players looking to create a spot-based Bitcoin ETF through its GBTC product.
Last year, Grayscale sued the SEC immediately after the regulator rejected the company’s bid to convert the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF. About a year after Grayscale filed the lawsuit, a federal judge decided that the SEC should reconsider the crypto titan’s application to launch an ETF from its Bitcoin Trust to avoid arbitrariness and inconsistency.
At the time of writing, Bitcoin is trading at $42,354.
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