Grayscale Investments has been actively engaging with the U.S. Securities and Exchange Commission (SEC) to discuss the potential transition of its Bitcoin Trust into a spot exchange-traded fund (ETF), according to recent updates. The dialogue, which took place on Sunday, centered on leveraging NYSE Arca Rule 8.201-E for listing Grayscale Bitcoin Trust (GBTC) shares.
ETF specialist James Seyffart, on Tuesday, shed light on the conversations between Grayscale and the SEC. He also mentioned that other entities like Hashdex and Franklin Templeton are involved in discussions aimed at creating spot ETFs.
Following a directive from the District of Columbia Circuit Court for the SEC to reconsider their petition, Grayscale reviewed NYSE Arca’s proposed rule change in an official memorandum exchange today. Seyffart expressed optimism regarding the approval of spot Bitcoin ETFs, anticipating a favorable outcome as early as January. He is keeping interested parties informed through Telegram about ongoing developments in this matter.
The push for converting Grayscale's Bitcoin Trust into an ETF comes amid growing interest in cryptocurrency investment vehicles that offer traditional market investors exposure to digital assets without direct ownership. Approval of such a product would mark a significant milestone for the crypto industry, potentially paving the way for broader acceptance and integration into mainstream investment portfolios.
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