Grayscale to Convert Its GBTC to a Bitcoin ETF Once the SEC Greenlights BTC ETFs
April 6, 2021
Although there is still no Bitcoin exchange-traded fund (ETF) in the US, many cryptocurrency enthusiasts are becoming more optimistic that this could change soon. Meanwhile, Grayscale announced on Monday that it plans on converting its famous Grayscale Bitcoin Trust (GBTC) to an ETF form when regulators (US SEC) finally approve Bitcoin ETFs.
This announcement comes after the company revealed that it plans on filling as many ETF-related roles as it could find.
Grayscale noted in its report that:
“With GBTC, Grayscale became the first company to launch a publicly-traded Bitcoin fund in the US and the first and only to convert a Bitcoin fund into an SEC-reporting company.” The report added that “these were each groundbreaking achievements and brought greater transparency, regulatory clarity, and reporting standards for the investment community. In fact, GBTC today remains one of only two crypto funds in the world with the distinction of being an SEC-reporting company. The other fund is the Grayscale® Ethereum Trust (ETHE).”
Meanwhile, Grayscale also offers an array of investment vehicles, including Bitcoin Cash Investment Trust, Ethereum Investment Trust, Litecoin Investment Trust, and XRP Investment Trust. However, these products are not available as ETFs.
Key BTC Levels to Watch — April 6
Bitcoin continues to trade in a depressed mode, as the $59k resistance refuses to budge. Following an extended period trading below the $59k line, the benchmark cryptocurrency lost momentum and dropped sharply to the $57,500 support. However, bulls were quick to buy the dip, and have sent BTC back above the $58k mark.
That said, we could see another dip to the $58k round figure followed by a bounce towards the highly-coveted $60k level over the coming days.
Meanwhile, our resistance levels are at $58,500, $59,000, and $60,000, and our key support levels are at $57,500, $57,000, and $56,700.
Total Market Capitalization: $1.98 trillion
Bitcoin Market Capitalization: $1.08 trillion
Bitcoin Dominance: 54.8%
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