Grayscale Investments CEO Michael Sonnenshein expressed his approval of BlackRock and Fidelity's efforts to enter the cryptocurrency space. He described BlackRock's filing to launch a spot bitcoin ETF in June as a "moment of validation" and believes that it adds credibility to the asset class.

Other major asset managers, including Fidelity, Invesco, and WisdomTree, have followed suit. Grayscale, which currently manages $19.1 billion in assets through its Grayscale Bitcoin Trust, has filed to convert its trust into an ETF and is hoping to unlock billions of dollars in investor capital if successful.