The Latest Breaking News from Grayscale Investments

Grayscale Investments has launched the Bitcoin Miners ETF (MNRS), a new fund that allows investors to tap into the growing Bitcoin mining sector.

Grayscale Investments, the muscle behind GBTC, sees CEO Michael Sonnenshein out and ex-Goldman Sachs exec Peter Mintzberg stepping in on August 15th.

All other spot Bitcoin ETFs have seen about $1.9 billion in net inflows, excluding GBTC.

Key U.S. financial institutions, such as JP Morgan, Jane Street Capital, Virtu Americas and Cantor Fitzgerald, are among the authorized participants for spot Bitcoin ETF issuers.

Interestingly, the latest SEC filing did not mention Jane Street or Virtu Financial, the market-making heavyweights that the firm had said it would work with if its Grayscale Bitcoin Trust (GBTC) received SEC approval to be converted into an ETF.

Like BlackRock and ARK, Grayscale also initially said it would use the in-kind creation and redemption model on its spot Bitcoin ETF. But as Wall Street giants ironed out details with the regulator – probably looking to be a part of the first wave of applications to be approved by…

SEC officials reportedly informed issuers that those who were not able to meet the deadline set by the commission would not be included in the "first wave" of approvals scheduled in the early part of January.

Although timelines on the approval of spot Bitcoin ETF filings are uncertain, Grayscale said it remained "focused on uplisting GBTC to NYSE Arca as a spot Bitcoin ETF."

The U.S. could be on the verge of getting its first spot bitcoin exchange-traded fund