- Grayscale CEO Michael Sonnenshein has called for approval of multiple BTC exchange-traded funds (ETFs) simultaneously by the U.S. Securities and Exchange Commission (SEC).
- As the deadline for the SEC to decide on these applications approaches, excitement continues around the first crypto investment tool in the United States.
- Bitcoin surpassed the $43,000 level, trading at $43,040 on Tuesday, with a 30.01% increase in the 24-hour trading volume to $5.34 billion.
Grayscale CEO Michael Sonnenshein discussed what would happen after the SEC approves spot Bitcoin ETFs.
Sonnenshein Speaks About Spot Bitcoin ETFs
Grayscale CEO Michael Sonnenshein has called for the approval of multiple BTC exchange-traded funds (ETFs) simultaneously by the U.S. Securities and Exchange Commission, as this fund could ‘unlock’ approximately $30 trillion worth of recommended wealth.
Grayscale is one of the companies applying for a spot Bitcoin ETF. As the deadline for the SEC to decide on these applications approaches, excitement continues around the first crypto investment tool in the United States. However, what is the reason behind this excitement, and what potential impact could it have on the broader cryptocurrency industry?
In an interview, Sonnenshein emphasized the significance of launching a spot Bitcoin ETF in the U.S., highlighting the magnitude of wealth held in directed assets and the significant opportunity a regulated BTC ETF could provide to access these vast resources.
The CEO stated: ‘Looking forward to the hopeful approval of spot Bitcoin ETFs, it will really be an opportunity that opens doors to a part of the investment community, allowing them to have exposure to Bitcoin in their portfolios. We are really talking about the directed market here in America. Today, this is about $30 trillion worth of directed wealth, and hopefully, the approval of spot Bitcoin ETFs, the upgrade of GBTC will allow this opportunity and these investors to benefit from it.’
As predicted by ARK’s Cathie Wood earlier, Sonnenshein, like her, is calling for a major Wall Street regulator to approve many spot Bitcoin ETFs simultaneously and ‘flatten the playing field.’
In another interview, Sonnenshein stated: ‘I believe the SEC really wants to create a level playing field, and it must. When the Commission is ready to provide the necessary approvals for spot products for the market, issuers who are operationally ready to launch their products should all be able to walk through the door at the same time.’
Current Situation of Bitcoin Price
Bitcoin surpassed the $43,000 level, trading at $43,040 on Tuesday, in the green zone. The 24-hour trading volume saw a 30.01% increase to $5.34 billion. The recent price movement represents a 5.32% increase in value in the last 24 hours and a 2.58% gain in the last seven days. According to the data, Bitcoin’s circulating supply is 19.57 million BTC, and its market cap is $843.37 billion.
