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Grayscale CEO: The Launch of Short Bitcoin ETF Is Positive for Crypto

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Michael Sonnenschein, CEO of leading crypto asset manager Grayscale Investments, believes the launch of ProShares Short Bitcoin Exchange Traded Fund (ETF) could be a positive sign for the industry.

SEC Gets More Convenient With Bitcoin

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AT Thread on Twitter On Tuesday, Sonnenschein noted that he believes the U.S. Securities and Exchange Commission (SEC) is gradually getting used to the leading cryptocurrency with the approval of new bitcoin-related investment products.

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He pointed out that the SEC rejected the Bitcoin Spot ETF due to concerns about market maturity and the potential for fraud and manipulation.

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However, just a few days ago, the regulator gave the green light to the ProShares Short Bitcoin strategy, which offers access to the reverse performance of Bitcoin. The ETF began trading on the New York Stock Exchange (NYSE) on Tuesday under the ticker symbol BITI.


Bitcoin is maturing

According to Grayscale CEO, the approval of the ProShares ETF product is a testament to the maturity of Bitcoin.

“How can $BITI’s entry into the market be interpreted as anything other than further recognition of Bitcoin’s maturity?… Bitcoin’s price discovery is supported not only by a healthy two-sided market that supports multiple long products, but also by a derivatives market strong enough to offer short impact on retail investors,” he said.

Sonnenschein concluded that it would make sense for the SEC to approve a Bitcoin spot ETF at this point, which has long been expected.

Waiting for Bitcoin ETF Approval Continues

So far, the SEC has rejected all attempts to introduce Bitcoin ETFs on a spot basis in the US crypto market. Although the Commission has approved several Bitcoin ETF products in the country, none of them are spot products.

Several crypto enthusiasts have expressed their frustration with the SEC’s reluctance to approve the Bitcoin Spot ETF, including SEC Commissioner Hester Pierce.

Grayscale is currently fighting to convince the regulator to convert its flagship Bitcoin Trust into a spot ETF. The asset manager even threatened to sue the Commission if his ETF was rejected again.

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