The filing to launch a spot bitcoin-ETF is seen by the businessman as a test of BTC’s endurance.
More than seven companies in the U.S. have filed similar applications in recent weeks. And BlackRock’s participation in this race does not reduce the company’s attractiveness at all, said the head of Grayscale. And they won’t necessarily need to own the cryptocurrency directly, the businessman reasoned.
As Sonnenschein put it, the ETF structure is time-tested and has proven effective for stocks and commodities. ETFs will work for bitcoin, as this asset will last for a very long time, and for investors who deserve to run such a spot ETF. Sonnenschein has previously cast the SEC’s reluctance to approve such products as a failure to regulate the cryptocurrency market.
Grayscale lawyers recently criticized the SEC for approving Volatility Shares’ first margin ETF on bitcoin futures, calling it discrimination against other investment products. Last summer, Grayscale filed a lawsuit against the regulator for refusing to approve an application to convert the GBTC fund to an ETF.