Grayscale plans to convert the Bitcoin Trust into a Bitcoin ETF

According to an April 5 SEC filing by Grayscale, the firm intends to convert its Bitcoin trust into an exchange-traded fund (ETF), "depending on the regulatory environment," U.Today reported. Grayscale is understood to have filed an ETF application in 2016 and was in talks with the SEC for much of 2017 before eventually withdrawing the application.

As previously reported, Grayscale's parent company, Digital Currency Group, announced in March that it would buy $250 million worth of GBTC. In the past few, Fidelity, Anthony Scaramucci's SkyBridge and VanEck, among others, have all filed with the SEC to be the first to launch a Bitcoin ETF in the US, for nowRegulators have yet to approve such applications, and Grayscale's Bitcoin Trust remains one of the few options for institutional investors looking to access the emerging market through regulated products.  

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