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Grayscale claims that its Spot Bitcoin ETF is safer than other exchange-traded funds

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Grayscale claims that its Spot Bitcoin ETF is safer than other exchange-traded funds

bitcoin etf

In a nutshell

  • A legal counselor for Grayscale Speculations sent a letter on Monday to a US Circuit Court, testing controllers’ refusel to let Grayscale’s Bitcoin ETF exchange.
  • The lawyer brought up that controllers obviously see no issue with letting Instability Offers’ 2X Bitcoin Technique ETF exchange on trades.
  • The lawyer argued that Volatility Shares’ ETF, which is tied to CME futures contracts, may even be more risky than the product that regulators won’t approve.

Grayscale Speculations has taken another tack in its test of controllers’ refusal to permit its spot Bitcoin ETF to exchange on trades. On Monday, Donald B. Verrilli, Jr., a lawyer with Munger Tolles and Olson, sent a letter to US Court of Requests Judge Imprint Langer bringing up that the Protections and Trade Commission (SEC) has permitted Unpredictability Offers’ 2X Bitcoin Procedure ETF (BITX) to exchange.

Grayscale submitted an application to transform its spot Bitcoin Trust into an ETF. The SEC refused. However, in Grayscale’s view, BITX is more hazardous than the item that controllers won’t support. Is it illogical to allow trading of an ETF with a higher risk while rejecting trading of a safer one? Verrilli requested replies.



Grayscale Investments Bitcoin ETF the Victim of a Double Standard?

He mentioned that the daily performance of the S&P CME Bitcoin Futures Daily Roll Index will be doubled by the 2X Bitcoin Strategy ETF. Even more significant, it is utilized. The letter went on to say:

“It exposes investors to an even riskier investment product than the traditional bitcoin futures exchange traded products . . . which encompass risks related to both the futures and spot bitcoin markets.”


Verrilli then cited the BITX registration statement from June 15. It made it pretty clear that people who don’t know what they’re doing could lose a lot of money using the product. It acknowledged that the disputed ETF is only appropriate for “knowledgeable investors.”

The statement added that this clearly refers to investors who are closely monitoring the performance of their assets.

Market volatility has the potential to devalue investments made by even the most savvy investors. According to the registration statement, it could happen in a day. Futures contracts held by BITX are based on the value of Bitcoin, the underlying asset.


“The 2X Bitcoin Strategy ETF is therefore exposed to even more risks of the bitcoin markets than Grayscale’s proposed spot bitcoin ETF,” the letter continues.

As a result, Grayscale’s attorney claims that the SEC’s regulation of exchange-traded products applies a double standard. The more risky leveraged product is allowed to trade, but the spot Bitcoin product is not allowed on exchanges.

The remedy Grayscale seeks for this “unequal treatment” is for the regulators to reverse course. And to allow Grayscale’s product to trade.







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The Industry Agrees

The release of the letter prompted a flurry of online responses. Grayscale’s tweet quickly got more than 30,000 views.


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