BlackRock Spot Bitcoin ETF Filing Validates Bitcoin, Grayscale CEO

BlackRock's commitment to expanding its cryptocurrency efforts only lends to validating Bitcoin as an asset class, as stated by Grayscale's CEO.

Sonnenshein explained that seeing the world's largest asset manager openly commit to cryptocurrency efforts indicates that Bitcoin could be an asset class with staying power.

In the past four weeks, over seven leading institutional companies have applied for a spot in Bitcoin ETF in the US.

Grayscale CEO Believes Bitcoin's Moment of Validation Is Here

Michael Sonnenshein, the CEO of Grayscale Investments, explained in a July 12 interview with CNBC that BlackRock's filing of spot Bitcoin ETFs should be regarded as Bitcoin's Moment of validation."

In the interview, Sonnenshein shunned the notion that BlackRock's involvement in the Bitcoin ETF battle made it unattractive. It's worth noting that more than seven notable institutional firms have filed for a spot BTC exchange-traded fund (ETF) in the US.

Should these applications be approved, both retail and institutional investors in the United States would have an easy, legally compliant means of interacting with the price of BTC without necessarily owning any token.

Sonnenshein further stated that the ETF wrapper is proven and efficient and has become the gateway to many other assets, including stocks and commodities. He added that BTC is an asset that will last long because investors desire and deserve access to the token.

Grayscale's Application for a Spot BTC ETF

Until now, Sonnenshein's Grayscale Investments has been providing investors in the US with a proficient way to be exposed to BTC. The company permits traders to trade shares in trusts storing bulk pools of BTC using its Grayscale Bitcoin Trust (GBTC).

Grayscale Investments recently filed a letter with the DC Court outlining that the US SEC recently approved a Bitcoin futures ETF while denying BTC spot ETFs, such as $GBTC.

The investment company also wants to delve into spot Bitcoin ETFs, as this would enable investors to access a far more accessible means of trading the price of Bitcoin. Also, traders could do this without GBTC's annoying discount to net token value.

In June last year, Grayscale filed a case against the US SEC for rejecting the firm's 2021 application to convert the GBTC.

Sonnenshein noted that the company and its investors will unlock billions of dollars through the Bitcoin spot ETF if Grayscale wins its suit.

Interestingly, in the last 20 days, Bitcoin's price has grown by over 20%, following BlackRock's filing for a spot Bitcoin ETF in June. The token recorded its peak price on July 6 at $31,460. At press time, the price of Bitcoin was $30,721.

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