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Crypto Industry Is One Step Closer to Bitcoin ETF: CNBC

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Thu, 21/11/2019 - 6:25
Crypto Industry Is One Step Closer to Bitcoin ETF: CNBC
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During a recent episode of CNBC's "Power Lunch, " Micheal Sonnenshein touted the success of Grayscale's Bitcoin Trust.

Sonnenshein states that their Bitcoin volume has tripled year-over-year despite Bitcoin's price performance. 

"Investors are really coming to Grayscale and asking for this type of access products." 

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A major milestone

Grayscale Investment, the absolute leader in the realm of cryptocurrency asset management, has recently filed a Form 10 with the US Securities and Exchange Commission (SEC). Notably, this was a voluntary decision, which highlights how bad the company want to end up in the SEC's good graces. 

Sonnenshein states that this type of regulatory compliance will allow Grayscale to tap into the segment of institutional investors that needs an SEC-compliant company. 

The Grayscale exec also believes that the upcoming halvening will have the biggest impact on the price of Bitcoin and its protocol. However, he also views Grayscale's latest move as an important milestone for the company. 

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Bitcoin ETF hopium

CNBC's long-term host Melissa Lee also viewed Grayscale's attempt to get the SEC's blessings as one step closer to the approval of a Bitcoin ETF, something that many failed to achieve. 

"If approved, this would not only allow Grayscale to tap into institutional investors, but it could pave the way for a Bitcoin ETF." 

So far, the SEC has ruthlessly shattered the ETF dreams of VanEck and Bitwise. 

 
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