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Grayscale Bitcoin Trust Lines Up Jane Street, Virtu in ETF Bid

June 27, 2022, 4:38 PM

Grayscale Investment LLC has recruited a couple of heavyweight partners to help with a bid to convert its Bitcoin trust into an exchange-traded fund.

The firm has filed with the US Securities and Exchange Commission for its Grayscale Bitcoin Trust, ticker GBTC, to become an ETF. The trust, which has a market cap of about $13.6 billion and a premium of negative 32% to the price of Bitcoin, has enlisted Jane Street and Virtu as authorized participants if it does become an ETF. APs are specialized traders that have the right to create and redeem shares of an ETF, which ...