Grayscale Investments, one of the leading cryptocurrency asset managers, is focusing on converting its Grayscale Bitcoin Trust (GBTC) into a spot bitcoin exchange-traded fund (ETF). They recently met with the Securities and Exchange Commission (SEC) to discuss potential listing matters related to the shares of the product.
Grayscale Meets with SEC to Discuss Listing Matters
The SEC published a memo about Grayscale Investments’ meeting with officials from the SEC’s Division of Trading and Markets to discuss potential listing matters concerning the shares of the product. The conversation focused on NYSE Arca, Inc.’s proposed rule change to list and trade shares of the Grayscale Bitcoin Trust (BTC) under NYSE Arca Rule 8.201-E.
Grayscale’s Strategic BNY Mellon Partnership
Earlier, Grayscale announced that the Bank of New York Mellon (BNY Mellon) would act as the transfer agent for trust shares. In this role, the bank will oversee the issuing and redeeming of shares and manage Grayscale Bitcoin Trust (GBTC) shareholder accounts. Bloomberg ETF analyst James Seyffart noted that Grayscale’s agreement with BNY Mellon was likely a necessary step and should not be seen as an indicator of an imminent conversion of GBTC.
Hot Take
Grayscale Investments has been actively pursuing the conversion of its Grayscale Bitcoin Trust into a spot bitcoin ETF, and their recent meeting with the SEC signifies a step in this direction. Their partnership with BNY Mellon is a strategic move that aligns with their efforts for the potential conversion. This development also suggests a broader trend within the cryptocurrency industry, with potential spot bitcoin ETF issuers meeting with the SEC in recent weeks.
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