Gary Skill, the world’s largest digital asset management fund, confirmed in a post that it had submitted another request for a Bitcoin exchange-traded fund (ETF) to the relevant institutions. The company plans to turn its Bitcoin Mutual Fund into an exchange-traded fund.
to the Report CoinDesk, Gary Skill has announced that it is committed to converting the Bitcoin Gray Skill Investment Fund (GBTC) into a 100% exchange traded fund.
Gary Skill, the world’s largest digital asset management company, confirmed in a post on its website that it had re-applied to the Securities and Exchange Commission (SEC). Gary Skill said in this post:
First of all, we want to make it clear that we are 100% committed to converting Bitcoin GrayScale Mutual Fund into an exchange traded fund.
The approval of the Bitcoin exchange traded fund is one of the goals of the digital currency industry, which has been constantly pursued in the United States, but has never been achieved. The US Securities and Exchange Commission has rejected dozens of requests in recent years. Some observers of the digital currency industry believe that an exchange-traded fund allows traditional investors to access bitcoin as a key player without the need to hold the asset directly.
Gary Skill wrote on his website:
Gary Skill first applied for a Bitcoin exchange traded fund in 2016 and spent most of 2017 talking to the Securities and Exchange Commission. Eventually we withdrew our request; Because we believe that the digital asset regulatory environment has not reached a point where such products can be marketed.
Gary Scale Bitcoin Mutual Fund has been trading bitcoins below cost for more than a month. In the past, Bitcoin Gray Investment Fund has traded in surplus value or premium. According to data obtained from YCharts, shares of Bitcoin Gray Investment Fund traded in mid-December with more than 35% premium.
Analysts believe that Bitcoin trading at a lower price in Scale Mutual Fund is due to market competition.
With Osprey Bitcoin Fund and several Canadian Bitcoin tradable funds, institutional investors now have more options.
In early March, CoinDesk announced that Gary Skill was hiring several stockbrokers.