It seems that Grayscale may take into consideration converting its Bitcoin Trust into a physically settled exchange-traded fund (ETC), according to its CEO, Barry Silbert.
Silbert criticized on Twitter the cash-settled Bitcoin futures ETF approved by the US SEC. When one Twitter user asked him when Grayscale’s Bitcoin Trust would be converted into a BTC-settled ETF, Silbert simply responded with “Stay tuned.”
This hasn’t been received with open arms by all investors, as some questioned what such a restructure would mean for those who hold shares in Grayscale’s Bitcoin Trust.
In fact, rumors about Grayscale working on a Bitcoin ETF started the previous week, when a CNBC report mentioned that Grayscale was in the waiting line for the US SEC to approve a Bitcoin ETF.