Institutional investment giant Grayscale is said to be considering converting Bitcoin Trust into an Exchange Traded Fund (ETF).

On October 17, Barry Silbert, CEO of Cryptocurrency Group, which is part of Grayscale, indicated that Grayscale plans to convert the Bitcoin Trust into a Bitcoin spot fund.

After Twitter criticized the recently approved Bitcoin Cash Futures ETF by the US Securities and Exchange Commission (SEC), Bitcoin commentator Preston Pisch went on to ask Silbert when the Greyscale Bitcoin Trust will be converted to BTC. Silbert Reply Stay tuned for updates.

However, investors in Grayscale Bitcoin Trust appear to have been spooked by Silbert’s comments, and Twitter user svrgnindividual is skeptical about what the restructuring will mean for investors who own Grayscale’s Bitcoin Trust shares.

“What Happens to Us Grayscale Savers After Approval of Spot ETFs? Are Our Investments Converted to Stock ETFs?” They tweeted.

Rumors of Grayscale’s alleged ambitions for the Bitcoin ETF began over the weekend after a CNBC report on anonymous insiders claimed that Grayscale was waiting for the SEC to finally approve the Bitcoin ETF.

On October 15, the Securities and Exchange Commission announced that it had accepted the registration of securities from the ProShares Bitcoin (BTC) futures trust. ProShares ETF gives investors the opportunity to enter into contracts that speculate on the future price of Bitcoin and are settled in cash.

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Although the ETF approval has been cited as a major catalyst for the recent Bitcoin market action, many analysts have criticized the fund for its stable cash structure, rather than the SEC’s approval of a BTC-backed backed Bitcoin ETF.

According to the latest grayscale from October 15, the company has $52.6 billion in assets under management (AUM), of which 73% are owned by Bitcoin Trust. Data shows that Grayscale’s Bitcoin supply is around 620,000 BTC, or 3.3% of the total Bitcoin supply.

Source: CoinTelegraph