The world’s largest digital asset manager, Grayscale Investments, has purchased a stake in a little-known ETF provider, ClearShares.

This is the same company that we reported this week filed with the Securities and Exchange Commission (SEC) to change its ticker from “PIFI” to “BTC,” effective from April 16, 2021.

What had been looking like a company trying to ride the coattails of crypto success, as ClearShares Piton Intermediate Fixed Income exchange-traded fund has no involvement with the industry, it turns out it was Grayscale’s attempt at a Bitcoin ETF.

Recently, the asset manager, which surpassed $50 billion in AUM, shared its intention to convert Grayscale Bitcoin Trust (GBTC) into an ETF. GBTC, which has $41.5 billion in assets under management, is on track to take over the world’s largest commodity, ETF GLD, which has $57 billion in AUM.

Grayscale had purchased a stake in the $32 million ClearShares ETF, which is involved in buying investment-grade corporate bonds, U.S. government agency bonds, and Treasuries.

“Grayscale has taken an ownership stake in ClearShares as part of its long-term commitment to bring digital currency ETFs to market, with the potential to collaborate on products with investment strategies related to the digital currency industry,” spokesperson Seres Lu has been reported as saying.

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