8 months ago
Grayscale CEO Michael Sonnenshein urged regulators to o.k. spot Bitcoin exchange-traded money (ETF) options successful a connection connected Feb. 5.
Sonnenshein wrote successful a station connected X:
“… I deliberation it’s ne'er been much important … to advocator for the improvement of a robust listed options marketplace for spot Bitcoin ETFs. Although GBTC has been successful the nationalist marketplace since 2015, it was ne'er accompanied by listed options, arsenic they aren’t a diagnostic of the OTC Market.”
Elsewhere, helium said that akin products should beryllium treated equally, writing:
“The aforesaid mode bitcoin futures ETFs and spot bitcoin ETFs should (and present are) treated the same, truthful excessively should listed options connected these products.”
He noted that the New York Stock Exchange (NYSE) and different nationalist securities exchanges person precocious submitted filings that would let options trading connected commodity-based ETFs similar Grayscale’s ain GBTC fund.
The SEC indispensable present instrumentality those applications into consideration. Sonnenshein noted that though Bitcoin futures ETF options were rapidly introduced done an automatic support process, spot Bitcoin ETF options indispensable spell done a longer support process akin to the process for each underlying fund.
Sonnenshein called options “good for investors.” He said that options enactment terms discovery, let for amended navigation of marketplace conditions, and make income. He noted that this applies to some retail investors and organization investors alike.
SEC whitethorn determine connected options earlier twelvemonth end
The U.S. Securities and Exchange Commission is presently successful the process of handling assorted spot Bitcoin ETF applications. The bureau opened comments connected BlackRock’s Nasdaq-listed money and assorted Cboe BZX-listed funds connected Jan. 19.
Bloomberg ETF expert James Seyffart has suggested that a determination could hap betwixt February and September 2024. Separate reports from Reuters suggest that a determination could hap arsenic precocious arsenic December 2024; that aboriginal day is successful portion owed to the anticipation that some the SEC and the Commodity Futures Trading Commission (CFTC) volition request to assistance approval.
The SEC different approved assorted underlying spot Bitcoin ETFs connected Jan. 10. Grayscale was 1 of respective firms to summation support astatine that time.
Grayscale’s GBTC ETF, converted from an existing fund, had $20.5 cardinal successful assets nether absorption (AUM) arsenic of Feb. 2. This makes it the spot Bitcoin largest ETF astatine present, though it besides experiences sizeable outflows.
The station Grayscale CEO advocates for spot Bitcoin ETF options to summation approval appeared archetypal connected CryptoSlate.
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