Google's search for carbon-free future is its search for a Carbon-Free Future

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Google's search for carbon-free future is its search for a Carbon-Free Future

None of Google s Biggest Moonshot Is Its Search for Carbon-Free Future Is Its Search for a Carbon-Free Future?

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The application to flip the $40 billion Grayscale Bitcoin Trust ticker GBTC on the same day as the ProShares BTC BITO debuts, becoming the first exchange-traded fund in the U.S. investing in futures on digital asset. While the Securities and Exchange Commission has allowed the derivatives-based product to launch, it has yet to permit the sort of structure used by Grayscale, which direct holds the largest cryptocurrency.

Grayscale filing starts a window for the SEC to delay or reject the GBTC conversion application. Michael Sonnenshein, the asset manager's chief executive officer, has said the firm is 100% committed to turn GBTC into an ETF as soon as U.S regulators allow.

Grayscale hired a global head of the ETF in August to further those efforts. With the BITO launch, physical Bitcoin ETF approval is likely only a matter of time, Sonnenshein said.

We are of the firm belief that because the futures and the spot price for Bitcoin are inextricably tied, we have the willingness to allow or clear the way for a Bitcoin futures ETF on the market and also to clear the way for a Bitcoin spot ETF, Sonnenshein said in an interview. According to Grayscale, Bitcoin holds roughly 3.4% of the world s supply of GBTC as of now.

This conversion would probably resolve a persistent problem for Grayscale: the Trust s discount to net asset value. The product s price has traded below its underlying stocks of Bitcoin for a prolonged period because shares in the vehicle can t be destroyed in the same way that they can in an ETF. It could also be seen as a way to sidestep obsolescence, with the advent of Bitcoin ETFs threatening to drag assets away from a product that investors have tolerated due to the lack of an alternative.

Specialized traders known as authorized participants are able to create and redeem shares of an ETF to keep its price in line with its net asset value, but that process doesn t exist for trusts like GBTC. The number of outstanding shares in the fund has increased in the past 12 months as Bitcoin soared.

Grayscale s parent company - - has scooped up hundreds of millions of dollars worth of Barry Silbert's digital currency group Inc. in an attempt to reverse the dynamic.

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