Grayscale CEO Michael Sonnenshein is bullish on the future of Spot Bitcoin ETF

Michael Sonnenshein. Source: Screenshot from a video, Bloomberg

It is a matter of whenNo Yeahcreates a spot Bitcoin (BTC) exchange-traded fund (ETF), argued Grayscale Inversions CEO Michael Sonnenshein.

In a recent Bloomberg interviewSonnenshein commented on the possibility that the investment giant black rock could get the first Bitcoin ETF.

BlackRock filed for the elusive bitcoin ETF in mid-June, despite the National Stock Market Commission (SEC) reluctant to allow the launch of such a product in the US.

The regulator has been denying applications left and right, claiming that spot bitcoin is not safe for retail investors, although funds based on bitcoin futures are allowed.

But BlackRock is different: many have argued that its political power is substantial.

Sonnenshein suggested that the BlackRock ETF would not upset Grayscale, saying:

“Today we have a market for multiple ETFs based on bitcoin futures. […] At Grayscale, we have long been prepared for a multi-spot bitcoin ETF market.”

Expected favorable outcome

Grayscale is focused on converting the Grayscale Bitcoin Trust (GBTC) into an ETF and obtaining an opinion from the Washington DC Circuit Court “no later than the fall,” Sonnenshein said.

The company filed a lawsuit after the SEC rejected the conversion in June 2022, and a final decision is expected. later this year.

The CEO stated that

“I think that we ourselves, and certainly all of our investors included, are optimistic and expect a very favorable outcome from the court, in which case we would immediately work very proactively with the SEC to ensure that GBTC gets listed. NYSE as ETFs”.

Talking about shared surveillance agreementsthat are becoming more popular, Sonnenshein commented that “this is something that is being actively discussed.”

“[The SEC] you want to be able to keep an eye on the underlying Bitcoin market. So it remains to be seen whether or not these types of builds will comply with the SEC’s mandate.”

an ETF Willpower Pass

When asked what kind of odds he would put on an ETF approval this year, Sonnenshein said it’s only a matter of when, not if.

“When I really step back and look at how much progress has been made […] I think we are at a crucial moment.”

While he did not directly answer whether the first approval would win “the most land,” Sonnenshein noted that GBTC is the world’s largest bitcoin fund with some $20 billion and more than 3% of the outstanding bitcoin supply.

Investors swear by ETFs and there is “certainly” an appetite: Financial advisors, retailers and other firms are considering bringing their products to market because they see “there is a lot of pent-up demand for access to bitcoin in the form of ETFs.” ,” he concluded.


Learn more:

– BlackRock vs Grayscale: Experts Highlight Key Distinctions Between Bitcoin Trusts
– Nasdaq Resubmits Valkyrie Bitcoin ETF Application With Coinbase Surveillance Exchange Deal

– JP Morgan cast doubt on the possible effects of a Spot BTC ETF
– A Beginner’s Guide to Bitcoin ETFs