Grayscale Investments is pushing to convert the world's largest publicly traded bitcoin fund into an ETF as a July 6 deadline looms for the Securities and Exchange Commission (SEC) to accept or reject its application.
Why it matters: The Bitcoin Trust, often referred to by its ticker symbol GBTC, recently traded at a record discount to its net asset value. In layman's speak: It has declined more than the price of bitcoin. Grayscale says that converting the fund to an ETF will close that gap.
Driving the news: Grayscale papered over Washington, D.C.'s, Union Station with one message: "We care about crypto investors."
What they're saying: "Our priority will always be advocating for investors, and this campaign embodies that commitment," Sonnenshein tells Axios.
Yes, but: You can just own bitcoin outright.