Grayscale could launch its Bitcoin (BTC) commutation-traded fund (ETF) as soon equally July 2022, 1 of its executives has said.

Speaking at a virtual event organized by MarketWatch on Oct. 27, Grayscale global head of ETFs David LaValle gave a nine-month timeline for approval by United States regulators.

Grayscale: At present'due south the fourth dimension to file for an ETF

Grayscale, which runs the largest-volume Bitcoin investment product globally, the Grayscale Bitcoin Trust (GBTC), reiterated this month that it is "committed" to transforming it into an ETF.

According to LaValle, the timing for submitting the awarding to do and then this week was platonic.

"We thought it was the perfect fourth dimension to submit our filing," he said.

"Now that the Bitcoin futures products were somewhat off the plate of the SEC, they would be open to look at the filings of spot-based products."

ETF applications crave a lengthy 240-day assay period with the U.S. Securities and Exchange Commission, opening upwardly the potential for a go-ahead by July.

October saw four ETFs get the green light, these all based on Bitcoin futures rather than spot, something which Grayscale and others are slap-up to change.

GBTC had $38.eight billion in assets under management (AUM) as of Th, with the total across all Grayscale funds now at $53.ane billion.

GBTC holdings vs. BTC/USD chart. Source: Bybt

Hayes: ETF marketplace needs "fresh capital"

As Cointelegraph reported, hopes are high that spot ETFs will be allowed to operate from November amidst fresh criticism of futures-based products.

Related: GBTC delivered better returns than Bitcoin ETFs last week

Arthur Hayes, former caput of derivatives trading giant BitMEX, delivered a more scathing take on the entire ecosystem this calendar week.

"There already exists a pseudo-ETF with over $40 billion in AUM, the Grayscale Bitcoin Trust (GBTC). Information technology is not technically an ETF, but it hoovered up assets still. Therefore, what is required is non a motility of AUM from 1 tracker product to some other, only fresh capital into the system," he wrote in a dedicated blog post.

"When GBTC is added to the mix of Us-listed tracker products, will at that place actually be net new demand from retail traders and institutions who aren't already invested in the space? I fear that the narrative on institutional and retail investors plowing AUM into the complex might exist misplaced, as those who want to be involved largely already are."

Markets have had years to price in a potential ETF launch, this having seen multiple rejections by the SEC, each moving the Bitcoin price less and less with time.

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