After revealing that his firm, Grayscale Investments, is in talks with the Securities and Exchange Commission (SEC), Michael Sonnenshein expressed confidence in the approval of a spot Bitcoin ETF.
For Michael Sonnenshein, CEO of Grayscale Investments, the approval of a Bitcoin spot exchange-traded fund or ETF in the United States is imminent.
Sonnenshein expressed this on his social networks, after revealing that his company is in talks with the US securities regulator to discuss the possible approval of this Bitcoin investment vehicle, which will give US investors direct access to the market of the largest cryptocurrency in the world.
Through social media platform X, formerly Twitter, Grayscale's CEO stressed that the digital currency asset manager is ready to offer traditional investors a safe bridge to trade on the Bitcoin spot market price.
“It has been a ten-year dress rehearsal. We are ready for the main event”, Sonnenshein said, referring to a US-based Bitcoin spot ETF whose SEC approval appears to be imminent.
Grayscale submitted a petition for change to the SEC last year, proposing to transform the Grayscale Bitcoin Trust (GBTC) into a Bitcoin exchange-traded fund. However, the petition was rejected by the regulator, which hides behind the excuse of protecting investors and preventing fraudulent practices in the crypto market.
However, in August of this year, Grayscale's petition for change gained new life, after the Court of Appeals issue a ruling in favor of the company and vacate the SEC's denial order.
The court ordered the securities regulator to re-examine the cryptocurrency fund manager’s petition to convert GBTC into a Bitcoin spot ETF. The SEC decided not to appeal the court’s order, fueling rumors that it will eventually approve a Bitcoin spot ETF.
The optimism surrounding this central theme in the crypto industry has also pushed Grayscale to submit another change request, focused on converting another of its trusts, the Grayscale Ethereum Trust (ETHE), into an Ethereum spot ETF.
Continue reading: What's stopping the SEC from launching a Bitcoin Spot ETF?
