Grayscale Investments files with SEC to convert popular GBTC into a Bitcoin spot ETF

Grayscale Investments announced Tuesday that it's filed with the U.S. Securities and Exchange Commission to convert the popular Grayscale Bitcoin Trust (OTC:GBTC) into a Bitcoin Spot ETF. Word of the Form 19b-4 filing came on the same day that ProShares launched the Bitcoin Futures ETF (BITO), the first U.S. exchange traded fund approved to invest in futures covering Bitcoin (BTC-USD). David LaValle, Grayscale's global head of ETFs, said in announcing his conpany's move that "we believe that if regulators are comfortable with ETFs that hold futures of a given asset, they should also be comfortable with ETFs that offer exposure to the spot price of that same asset.” “GBTC proves that there’s strong investor demand for physically-backed Bitcoin investment vehicles," he said. "We are proud ... to submit today’s filing, folding Bitcoin into the familiar protections of an ETF wrapper, and ultimately providing investors with a choice in how they want to allocate their Bitcoin exposure.” GBTC