Grayscale CEO Michael Sonnenshein Optimistic About Future of Spot Bitcoin ETF
It is a matter of when, not if, a spot Bitcoin (BTC) exchange-traded fund (ETF) is created, argued Grayscale InvestmentsCEO Michael Sonnenshein.
In a recent Bloomberg interview, Sonnenshein commented on a chance that the investment giant BlackRock might get the first Bitcoin ETF.
BlackRock filed for the elusive spot bitcoin ETF in mid-June, despite the Securities and Exchange Commission (SEC) being 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 - its political power is substantial, many have argued.
Sonnenshein suggested that Grayscale would be unbothered by BlackRock's ETF, saying:
"Today we have a market of multiple bitcoin futures-based ETFs. [...] At Grayscale, we've long been prepared for a marketplace of multiple spot bitcoin ETFs."
Grayscale is focused on converting the Grayscale Bitcoin Trust (GBTC) into an ETF and getting an opinion from the Washington DC Circuit Court "by the fall at the latest," Sonnenshein said.
The company filed a lawsuit after the SEC rejected the conversion in June 2022, with a final decision expected later this year.
The CEO stated that,
"I think ourselves, and certainly all of our investors included, are optimistic and hoping for a very favorable outcome from the court, in which case we would work immediately in a very proactive manner with the SEC to ensure that GBTC uplists to the New York Stock Exchange as an ETF."
In regards to surveillance sharing agreements, which are becoming more popular, Sonnenshein commented that "this is something that's actively in discussion."
"[The SEC]
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