Digital asset manager Grayscale has topped $60 billion in assets under management (AUM), surpassing the AUM of SPDR Gold Shares, the largest and most liquid gold exchange-traded fund (ETF) in the world.
According to the firm's Wednesday update, Grayscale now controls $60.8 billion in AUM, compared to SDPR Gold Shares' current AUM of $58.3 billion.
The Grayscale Bitcoin Trust (GBTC) accounts for the lion's share of Grayscale's AUM, at $43.6 billion, while the Grayscale Ethereum Trust holds $14.9 billion in AUM.
Grayscale has long harbored ambitions of converting the Grayscale Bitcoin Trust into a Bitcoin spot ETF. The firm filed a formal application to do so with the U.S. Securities and Exchange Commission in October.
Decrypt and Yahoo Finance present: Crypto Goes Mainstream, an afternoon of live conversations with some of the biggest names in crypto to talk investing, mass adoption, NFT collecting, and how to get started with Web 3. November 9, 2021 in Brooklyn. Speakers include Robinhood Crypto COO Christine Brown, Grayscale CEO Michael Sonnenshein, Solana founder Anatoly Yakovenko, FTX CEO Sam Bankman-Fried, Kraken CEO Jesse Powell, Gary Vaynerchuk, and more.
Speaking at the Yahoo Finance and Decrypt"Crypto Goes Mainstream" event this week, Grayscale CEO Michael Sonnenshein said that the debate around the approval of a Bitcoin spot ETF has "become a political issue," as members of Congress have weighed in.
Earlier this month, Rep. Tom Emmer (R) and Rep. Darren Soto (D) sent a bipartisan letter to SEC chairman Gary Gensler. In the letter, Emmer and Soto questioned why the SEC refused to approve a Bitcoin spot ETF while approving a Bitcoin futures ETF that ultimately tracks the price of the same underlying asset.
Sonnenshein noted that the crypto industry and politicians are making the case that, "if you're comfortable with the derivatives […] and those futures contracts are deriving their pricing from the spot market itself, then you're inherently also saying you're comfortable with the spot market."
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