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Grayscale CEO calls SEC ‘shortsighted’ after regulator’s comments on approval of a bitcoin ETF

  • Michael Sonnenshein, CEO of Grayscale Investments, warned Tuesday that the SEC would be making a mistake if it granted approval to an ETF based on bitcoin futures ahead of one tied to the cryptocurrency itself.
  • A futures-based ETF would cost investors more in fees because of the inherent expense of rolling over futures contracts as they expire, Sonnenshein said.
  • It could also harm investors who currently hold the Grayscale fund, which is known by its GBTC ticker, he said.

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