Source : coinspeaker.com
Grayscale Investments stated in its SEC meeting report that GBTC has expanded to accommodate more than 865,000 investors.
Grayscale Investments recently had a private meeting with the US Securities and Exchange Commission (SEC) to convince the regulator to approve the conversion of the Grayscale Bitcoin Trust (GBTC) to a spot Bitcoin exchange-traded fund (ETF). In October 2021, Grayscale Investments submitted an application to the SEC for the conversion of its Bitcoin Trust into a spot ETF. Since then, the regulator has not concluded a decision. However, there are currently plans for a final verdict on the 6th of July. The GBTC becoming a traded ETF on the NYSE would result in more access to BTC and enhance security.
Grayscale Investments Met with SEC Regarding Bitcoin ETF Conversion
A Grayscale Investments spokesperson referred to the meeting as productive. The representative said the company remains encouraged by the ongoing discussion with the Commission. The company intends to keep the engagement with the regulator open till the final decisions are made.
According to the ETF update following the meeting with the SEC, Grayscale Investments revealed that there is a standard 240-day open review period. The company highlighted that an ETF could make it much easier for people to invest, adding that investors are highly interested in crypto assets. The White House has revealed that about 16% of adult Americans have used, traded, or invested in crypto. The percentage represents over 40 million people.
Furthermore, Grayscale Investments stated in its SEC meeting report that GBTC has expanded to accommodate more than 865,000 investors. As a result, the Bitcoin Trust has become the largest publicly traded digital asset fund. In Grayscale’s opinion, the conversion will unlock about $8 billion for investors. The company added that the ETF conversion would also reduce discounts and premiums.
Grayscale’s Report Says SEC is Discriminating against Bitcoin ETFs
Grayscale Investments mentioned that the SEC is discriminating against spot Bitcoin ETFs. Michael Sonnenshein has been leading Grayscale to pressure the Commission to approve the first spot-based Bitcoin ETF. Over time, the likes of ProShares have received approval for futures-based Bitcoin ETFs. This further showed that the SEC prefers future-based products over those based on Bitcoin. The regulator has only approved Bitcoin futures ETFs registered under the company and has denied spot Bitcoin ETFs.
“We believe strongly in the basis of these arguments and will continue to put the full resources of the firm behind GBTC’s conversion. The SEC has until July to respond, but you don’t have to wait that long to form your own opinion. If you have been, currently are, or will be an investor in GBTC, Bitcoin or other digital assets, your voice matters.”
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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.