Grayscale CEO Michael Sonnenshein believes that a deluge of capital will flow into Bitcoin (BTC) once the U.S. Securities and Exchange Commission (SEC) greenlights a spot market BTC exchange-traded fund (ETF).
In a new CNBC Television interview, Sonnenshein says the approval of spot Bitcoin ETF applications will open up the opportunity for a group of investors to get exposure to the top crypto asset by market cap.
“I do think there’s a lot of optimism again in the market. I think a lot of investors are adding Bitcoin to their portfolios and when we look ahead to the hopeful approval for spot Bitcoin ETFs, it really is going to unlock the opportunity for a part of the investment community that for better or worse – but I would say for worse – has unfortunately been locked out of the opportunity to participate in having Bitcoin exposure to their portfolios.
We’re really talking about the advised market here in the US, which is today about $30 trillion worth of advised wealth that we hope the approval of Bitcoin ETFs, the uplisting of GBTC (Grayscale Bitcoin Trust) will allow for that opportunity for those investors to partake in it as well.”
Grayscale is one of the major players gunning for a spot-based Bitcoin ETF through its GBTC product.
Last year, Grayscale sued the SEC immediately after the regulator rejected the firm’s bid to convert the Grayscale Bitcoin Trust (GBTC) into a spot market Bitcoin ETF. About a year after Grayscale filed the lawsuit, a federal judge decided that the SEC must reconsider the crypto titan’s application to launch an ETF out of its Bitcoin Trust to avoid arbitrariness and inconsistency.
At time of writing, Bitcoin is trading for $42,354.
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