🐺 Grayscale: approval of spot Bitcoin ETF is a matter of time
It’s only a matter of time before the first ETF in the US is based on the spot price of the first cryptocurrency. Grayscale General Counsel Craig Salm and CFO Edward McGee are convinced of this.
“We remain focused on adding GBTC to the NYSE Arca listing as a spot Bitcoin ETF. Although the timing of this is inherently uncertain,” the statement said.
The Grayscale CFO said that once the instrument is approved by the US Securities and Exchange Commission (SEC), investors will not have to take any additional actions. Their holdings in GBTC will turn into shares on the NYSE Arca.
The asset manager's general counsel could not even give an approximate time frame for the launch of a spot Bitcoin ETF. According to him, the court decision in favor of Grayscale and the conversion of GBTC into an exchange-traded fund is an unprecedented situation.
In September, the company asked the SEC to “expeditiously” approve the tool. In October, the court ordered the regulator to review the relevant application. In November, the parties discussed the details of a spot Bitcoin ETF.
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