Jane Street and Virtu Financial (VIRT) have been named as approved participants in Grayscale Investments’ Grayscale Bitcoin Trust (GBTC-USD), according to Yahoo Finance.

To be ready for a potential SEC approval of the Bitcoin Trust’s conversion to an Exchange-Traded Fund (ETF) on July 6, the business struck an agreement with the market makers, according to the article.

An exchange-traded fund (ETF) is a collection of securities designed to follow an index. ETFs allow investors to increase their diversification while decreasing their overall exposure and risk.

Grayscale’s worldwide head of ETFs, David LaValle, commented on the new alliances, noting that the deal will go into force after the SEC gave its clearance. That would make the company seem “operationally ready” for ETF designation, he said.

There were a lot of potential players, but Jane Street and Virtu have signed on the dotted line. According to LaValle, “it’s a significant vote of confidence that the market is ready for GBTC to become an ETF.

Although multiple financial companies have applied for a Bitcoin Spot ETF, the Securities and Exchange Commission (SEC) has refused to approve the idea.

However, the SEC rejected an application for a Bitcoin ETF conversion from asset management firm Skybridge Capital and financial adviser First Trust earlier this year.

Concerns about the market’s maturity and the possibility of market manipulation are to blame for the continuous rejections. Grayscale, on the other hand, is hopeful that the regulator will rule in its favor next month.

“We are unambiguously dedicated to turning GBTC to an ETF,” Michael Sonnenshein, CEO of Grayscale, said while detailing the company’s progress since applying for an ETF.

He went on to say that the company’s goal of bringing well-known virtual asset investment vehicles to American investors is aligned with attaining a favorable conclusion with the SEC.

When the Grayscale Bitcoin Trust was first introduced in 2013, it offered a way for investors to purchase and sell Bitcoins using their brokerage accounts. According to GBTC’s records, more than 850,000 U.S. investors control a combined 3.4% of the entire Bitcoin supply.

When Grayscale filed Form 19b-4 with the SEC last year to turn the asset into a Bitcoin Spot ETF, it began its ETF conversion process.

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