According to Grayscale Investments CEO Michael Sonnenschein, bitcoin has already emerged as a separate asset class.
In a CNBC broadcast on July 12, he said that BlackRock’s application to issue a bitcoin-ETF is an important event for the entire industry.
The largest asset management company wants to issue an instrument that is pegged to BTC. That is, this giant recognizes the reliability of the cryptocurrency.
In one month, seven major companies, including BlackRock, filed applications to launch spot bitcoin-ETFs in the United States.
They were sent to the Securities and Exchange Commission (SEC) for review. However, the US regulator has yet to authorize the issuance of such a product.Nevertheless, observers praise the companies’ chances of launching one.
Currently, institutional investors can invest in the cryptocurrency through shares of bitcoin trust Grayscale (GBTC).
In June 2022, Grayscale sued the SEC for its refusal to convert the digital asset management company’s trust into a spot bitcoin ETF.