The SEC has requested comment on Grayscale’s application by NYSE Arca to convert its Grayscale Bitcoin Fund (GBTC) into a spot Bitcoin ETF.
The U.S. Securities and Exchange Commission (SEC) issued a statement requesting comment on Grayscale’s application to convert its Bitcoin fund into a spot Bitcoin ETF on November 2. This means that the SEC is examining the application more closely. The SEC could make a decision as early as December 24.
SEC demonstrated this approach in its most recent VanEck application. The SEC had filed a notice request from VanEck in June seeking comment. The institution has to make its decision on VanEck by November 14 at the latest.
Grayscale, the world’s largest digital asset manager, announced plans to convert GBTC into an ETF last February. However, the company plans to transform all of its other products over time. To accelerate its work on this issue, the company appointed David LaValle, who has a long history in the ETF field, as Global ETF President.