Grayscale Making Amendments for Bitcoin ETF
Grayscale, the asset manager, is making amendments to its Grayscale Bitcoin Trust (GBTC) agreement in preparation for the launch of its Bitcoin exchange-traded fund (ETF). This move is aimed at ensuring fair competition with other players, including BlackRock.
Proposed Modifications to GBTC
The proposed modifications to the GBTC agreement include two key changes. The first modification allows for fees to be collected on a daily basis instead of monthly. This does not reduce fees but is a structural refinement. The second update enables assets to be mingled in an omnibus account format, streamlining the creation and redemption of shares.
Implementation and Shareholder Approval
The proposed amendments will be implemented by Grayscale without any additional expenses for shareholders. However, these updates are not mandatory for the conversion to an ETF. Shareholders have a 20-day window to cast their votes on the proposed updates.
Hot Take: Grayscale Prepares for Bitcoin ETF Launch
As Grayscale makes amendments to its GBTC agreement, it is positioning itself for the launch of its Bitcoin ETF. With these changes, Grayscale aims to compete with other players in the market and ensure fair competition. These developments come as the demand for Bitcoin ETFs continues to grow, and Grayscale seeks to meet this demand with its own offering.
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