Grayscale Investments CEO Michael Sonnenshein said the recent flood of spot bitcoin (BTC) exchange-traded fund (ETF) filings should be considered a “validating moment” for bitcoin.

During July 12 interview On CNBC’s show last call, Sonnenshein dismissed the notion that BlackRock’s entry into the Bitcoin ETF race made it “uncool.”

“Literally, the public commitment of the world’s largest asset managers to advance their cryptocurrency efforts only enhances the asset class’s effectiveness and its staying power.”

In the past four weeks alone, at least seven major institutional firms, including BlackRock, have applied for spot bitcoin ETFs in the United States.

If approved, both institutional and retail investors in the U.S. would have an easy and legal way to gain exposure to the price of Bitcoin without actually owning any Bitcoin.

“The ETF package is tried and true, and it has become an access point to many different assets, whether it’s commodities or stocks,” Sonnenshein said.

“Bitcoin is an asset that isn’t going away. Investors want and deserve it.”

So far, Sonnenshein’s Grayscale has been offering U.S. investors a roundabout way to gain exposure to bitcoin — allowing them to trade shares in trusts that hold large amounts of bitcoin through its Grayscale Bitcoin Trust (GBTC) .

However, the firm also hopes to convert it into a spot bitcoin ETF, which would give the inventor an easier way to trade bitcoin prices without GBTC’s nasty discount to NAV.

“Being able to offer investors Bitcoin exposure via GBTC as we do today is an incredible milestone(…) but moving to an ETF structure will give investors the extra protection they want. “

In June 2022, Grayscale filed a lawsuit against the SEC over the denial of its 2021 application to convert its GBTC.

related: Grayscale Settles Litigation With Fir Tree Over Proposed Changes To Bitcoin Trust

“If we succeed in this challenge, it will literally unlock billions of dollars in investor capital,” Sonnenshein said.

In the days after BlackRock filed for a spot bitcoin ETF on June 15, the price of bitcoin surged 20 percent, reaching a yearly high of $31,460 on July 6. It is currently trading at $30,633.

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