The largest digital currency asset manager on the globe, Grayscale Investments, has filed with the US SEC in order to convert its Grayscale Bitcoin Trust (GBTC) into a bitcoin spot ETF, according to a press release by the company.
This comes shortly after the SEC approved the first bitcoin futures ETFs to trade, the ProShares Bitcoin Strategy.
GBTC was launched in 2013. The current value of assets under management is worth about $40 billion. GBTC also holds about 3.44% of all bitcoin that is now in circulation.
In the past, Grayscale has spoken about its wish to convert GBTC, and 14 other crypto trusts, into ETFs. The SEC has 75 days to review the application.