Bloomberg claims that billionaire Ken Griffin’s market-making business, Citadel Securities, is preparing to enter the bitcoin ETF market.
A new ETF from Citadel Securities is now awaiting regulatory clearance, according to Kelly Brennan, head of ETF at Citadel Securities.
A spot-based ETF has been a long-standing goal for Bitcoin supporters. In 2013, the Winklevoss twins sought to accomplish this goal.
As a result of worries about market manipulation, the SEC has so far declined to approve this product for distribution. Fidelity, SkyBridge Capital, and other significant financial institutions have had their petitions denied by the SEC.
Last year, the Securities and Exchange Commission (SEC) authorised six Bitcoin futures ETFs, but they failed to gain popularity.
In order to transform its fund into an ETF, Grayscale is now in talks with the regulator. According to reports that Griffin recognised that he was mistaken in his previous criticism of the cryptocurrency asset class.
Back then, the multi-billionaire financier hinted at entering the Bitcoin industry despite his scepticism about it.
Griffin compared cryptocurrency to abstract painting in May of last year, suggesting that value is subjective.
Citadel Securities, according to a report by Coindesk earlier today, is developing a cryptocurrency trading platform to make it simpler to get access to liquid assets. According to reports, the controversial crypto corporation embarked on a recruiting binge in order to choose leaders for its crypto initiative.