Cryptocurrencies

Grayscale’s Fight for a Bitcoin ETF Could End in Lawsuit Against SEC

CEO Sonnenshein points to futures ETF as basis of argument
Campaign to convert largest Bitcoin fund intensifies

Grayscale Investments CEO Michael Sonnenshein discusses the outlook for crypto and its oversight with Kailey Leinz and Guy Johnson on “Bloomberg Markets.”Source: Bloomberg

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By Katie Greifeld and Crystal Kim

March 28, 2022 at 4:15 PM UTC

This article is for subscribers only.

Grayscale Investments LLC’s campaign to convert its almost $30 billion Bitcoin trust into an exchange-traded fund could end with legal action.

The Securities and Exchange Commission’s final deadline to rule on the digital-asset manager’s application to convert the Grayscale Bitcoin Trust (ticker GBTC) into a physically-backed ETF -- a product not yet approved by U.S. regulators -- is July 6. Should the SEC reject the filing, Grayscale would consider a lawsuit as part of its response.