Prominent crypto asset agency Grayscale has just lately filed a new software with the US SEC to rework its Bitcoin Trust (GBTC) into a Bitcoin ETF, as reported by Bloomberg’s James Seyffart. The SEC had set a deadline for last adjustments of December 29, and Grayscale met on time, focusing on approvals by January 2024.
There has been a vital change in Grayscale’s presentation as they’ve agreed to an all-cash mannequin, as required by the SEC. This implies that ETFs can solely deal with cash, not in-kind transactions like inventory ETFs. Experts consider this might make shopping for shares costlier and even make the ETF much less environment friendly. This transfer demonstrates Grayscale’s willingness to adapt for early approval.
This turns into particularly vital since Grayscale received a courtroom case towards the SEC in August, the place the SEC was requested to rethink its earlier denial of Grayscale’s ETF software. A choice on Grayscale’s software is now anticipated on January 10.
Since the courtroom victory, the low cost on Grayscale’s fund has decreased. According to Coinglass, it dropped to 5.51%, displaying buyers’ rising confidence in GBTC. Coinglass expects this low cost to shut in early 2024.
As this example develops, buyers are carefully monitoring the information and official statements from Grayscale and the SEC for the newest data on the doable approval of the Bitcoin ETF and its implications on the cryptocurrency market.
