Institutional asset manager Grayscale has announced it will be converting its GBTC Trust into an exchange-traded fund (ETF) once the United States Securities and Exchange Commission (SEC) has “comfort” with recently-approved futures ETFs.

Grayscale Communications Director Jennifer Rosenthal spoke on Monday (NYSE:) The asset manager would continue with Offering an ETF when “the SEC has formally expressed their requisite comfort with the underlying Bitcoin market.” The offering would convert the asset manager’s Grayscale Bitcoin Trust (GBTC), first listed in 2013, into an ETF.