Grayscale Says U.S. Bitcoin ETF Likely To Be Approved

Investment firm Grayscale said it remains optimistic that a spot Bitcoin (BTC) exchange traded fund (ETF) will soon be approved by the U.S. Securities and Exchange Commission (SEC).

At a conference in Austin, Texas, Grayscale, which runs the world’s largest Bitcoin fund, the Grayscale Bitcoin Trust (GBTC), said it faces an impending deadline for its spot Bitcoin ETF application to the SEC, and that the company is confident its application will be approved.

Grayscale’s proposal to convert GBTC to a spot Bitcoin ETF is going through a public comment period with the deadline for the SEC’s decision coming on July 6 this year.

To date, the SEC has approved a limited interval market, and three Bitcoin futures ETFs.

David LaValle, global head of ETFs at Grayscale, said: “It’s not that long ago that there really was a question of if this was going to happen… Now it’s clearly a question of when it’s going to happen.”

LaValle added that, if the SEC rejects Grayscale’s spot Bitcoin ETF application, the company would be “very focused on addressing all options.”

Last month, the SEC approved Valkyrie’s application for a Bitcoin futures ETF, leading to greater optimism about the approval prospects of a spot Bitcoin ETF.