Grayscale Wants Private Investors to Convince the SEC to Approve Its Bitcoin Spot ETF

On July 6, the United States Securities and Exchange Commission (SEC) is expected to decide on whether to approve Grayscale's application to turn its flagship Bitcoin Trust into a spot ETF. Grayscale Bitcoin Trust (GBTC) has been an enormously popular instrument among individuals who had no interest in opening crypto wallets, yet who pursued to obtain crypto exposure.

Crypto asset manager Grayscale–which manages $43 billion in cryptocurrencies– decided to shovel in substance in a truly decentralized way, by launching a marketing campaign asking people "to advocate for a Bitcoin ETF" to the SEC.

According to initial reporting from Axios, a Grayscale placard was observed in Washington D.C.'s Union Station, saying "we care about crypto investors," and included a QR code linking people to a page where they can submit comments directly to the SEC. The application process is now in an open review period, so anyone can submit comments to the SEC for consideration. Reportedly, over 2,600 comments have been submitted so far.

Grayscale's campaign is part of its larger ambition to finally see a Bitcoin spot ETF approved by the SEC. The federal securities regulator has so far rejected every spot ETF application. Still, Grayscale is hoping its advertising and industry clout will return a different verdict from the SEC on July 6.

Reportedly Grayscale's advertising campaign was launched in April and will end in July this year. The campaign is also running in various newspapers, including the New York Times, Wall Street Journal, and The Washington Post.