Coinbase Backs NYSE Arca’s Push for Grayscale Bitcoin Trust Conversion to ETF

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“We believe investors should have access to GBTC in an ETP [exchange-traded product] format because it offers a tried and tested way for retail investors to gain exposure to bitcoin at prices that closely reflect spot bitcoin trading prices without holding it themselves,” the letter stated. Grayscale Investments is a digital asset administration agency owned by Digital Currency Group, which additionally owns CoinDesk.