Grayscale Bitcoin Trust rises 2.4% as largest bitcoin fund says it has formally kicked off plan to convert into an ETF

Published: Oct. 19, 2021 astatine 10:03 a.m. ET

Grayscale Investments said connected Tuesday that it has formally applied with the Securities and Exchange Commission to person its Grayscale Bitcoin Trust into an exchange-traded money that is pegged straight to the world's No. 1 integer plus alternatively than absorption connected creating a futures-linked ETF. The announcement comes arsenic The ProShares Bitcoin Strategy ETF began trading connected Tuesday nether the ticker "BITO" connected the New York Stock Exchange arsenic a futures-linked ETF, which is being hailed arsenic a large milestone successful crypto. GBTC's purpose to person its trust, would let the largest bitcoin merchandise to clasp its dominance arsenic a crypto investment...