Thread by @Sonnenshein

As we look ahead, I think it’s never been more important for the #crypto and ETF communities alike to advocate for the development of a robust listed options market for spot #bitcoin ETFs. Although $GBTC has been in the public market since 2015, it was never accompanied by listed options, as they aren’t a feature of the OTC Market.

For info & disclosures, visit: etfs.grayscale.com/gbtc

.@NYSE and other national exchanges have recently filed Forms 19b-4 to amend the listing standards to permit listed options on commodity-based ETFs, including spot bitcoin ETFs like $GBTC.

nyse.com/publicdocs/nys…

The first bitcoin futures ETFs began trading in the US on October 19, 2021. It was only *ONE* day later that listed options were made available. Like bitcoin futures ETFs, these kinds of products are able to rely on rules that allow them go automatically effective.

In contrast, options on spot bitcoin ETFs cannot benefit from automatic effectiveness, and must instead go through a potentially lengthy review akin to the 19b-4 process for spot bitcoin ETFs themselves.

fortune.com/crypto/2024/02…

Options are good for investors, whether retail or institutional, and contribute to a robust and healthy market. Options support price discovery, and can help investors better navigate market conditions or achieve desired outcomes, such as generating income.

The same way bitcoin futures ETFs and spot bitcoin ETFs should (and now are) treated the same, so too should listed options on these products.

On behalf of our investors and this industry, @Grayscale will continue to advocate for spot bitcoin ETFs and the crypto asset class to be treated fairly. We look forward to the SEC’s decision on listed options for spot #bitcoin ETFs.