Crypto Asset Manager Grayscale – Joe Steward $43 billion In Cryptocurrency – has reportedly launched a marketing campaign asking people to “advocate a bitcoin etf“To the United States Securities and Exchange Commission (SEC).
According to preliminary reporting from axiosa grayscale Advertisement The statement appeared in Washington DC’s Union Station saying, “We care about crypto investors,” and includes a QR code that takes people to a page where they can submit comments to the SEC.
decrypt confirmed with Grayscale that QR codes direct users to submit comments to the SEC.
Jennifer Rosenthal, Vice President of Communications at Grayscale decrypt That this advertising campaign was launched in April and will end in July. In addition to the location of Union Station, Rosenthal said the campaign is also running in various newspapers, including new York Times, wall street journalAnd Washington Post,
He said the ads also appear on Amtrak trains and NYC Bus Link and will soon appear on MTA Live boards and airport lounges.
Grayscale’s campaign is part of its bigger ambition to finally see Bitcoin Spot Exchange Traded Fund (ETF) Approved by SEC.
The federal securities regulator has so far rejected every spot ETF application. Still, Grayscale is hoping its advertising and industry clout will return a separate ruling from the SEC on July 6.
The application process is now in one open review periodTherefore anyone may submit comments to the SEC for consideration.
Reportedly, over 2,600 comments have been submitted so far.
Why Grayscale Wants ETFs
Currently, in the absence of ETFs, products like Grayscale Bitcoin And Ethereum Trusts provide investors with regulated exposure to crypto through traditional investment platforms with publicly quoted prices, legal advisors and auditors.
Despite the 2% management fee for investing in crypto, Grayscale’s products still attract investors. Its flagship offering, Bitcoin Trust (GBTC), currently holds $18.7 billion
A crypto ETF will offer an inexpensive alternative to the management fees of crypto trusts. It will also help Grayscale revert its bitcoin trust to the actual price of the underlying asset.
GBTC shares fell in the last month record drop against its net asset value (NAV). It is currently trading at a discount of 30.72 per cent, as per the data of ychartsAlthough it has historically traded at a Average premium of 37%,
In October 2021, grayscale formally filed an application To convert your flagship Bitcoin Trust (GBTC) into a Bitcoin Spot ETF.
Should the SEC approve the conversion of GBTC to a bitcoin spot ETF, Grayscale says an arbitrage mechanism will be activated through the availability of simultaneous share creation and redemption, potentially allowing GBTC share prices to trade in line with the NAV. to reorganize.
Should the SEC Deny Grayscale’s Bitcoin ETF Application, Rosenthal Explains decrypt That “all options are on the table, and we will always advocate on behalf of our investors.”
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