GBTC - Cathie Wood Says Bitcoin ETF Approval Threatens Grayscale's Edge | Benzinga
ARK Invest CEO Cathie Wood anticipates that the impending approval of a Bitcoin ETF (CRYPTO: BTC) in the U.S. could significantly alter the dynamics of the crypto market, particularly impacting the Grayscale Bitcoin Trust (OTC:GBTC).
What Happened: Talking to CNBC, Wood suggested that GBTC’s dominance in the crypto market could be challenged by a U.S Bitcoin ETF. Such a product, if approved by the Securities and Exchange Commission (SEC), would be a direct competitor to GBTC, offering institutions a new avenue to gain exposure to cryptos.
"We had to own a security, so the only way we could [buy into bitcoin] … was through GBTC and that became the most liquid way to gain exposure," Wood recalled.
"We think that's going to change completely. There are going to be lot more liquid ways to gain exposure when we see some of these approvals,” she added.
Several firms, including ARK Invest in partnership with 21 Shares, are in the queue awaiting the SEC’s green light to launch a Bitcoin ETF. Despite similar products existing in Canada and Europe, ...