Crypto asset manager Grayscale discussed converting its flagship Bitcoin security into a spot Bitcoin exchange-traded fund (ETF) in an important meeting with the SEC. The meeting included Grayscale CEO Michael Sonnenshein, legal chief Craig Salm, ETF president Dave LaValle and four executives, as well as five representatives from the Davis Polk law firm. The main focus of the discussions is the ownership of Grayscale Bitcoin Trust (BTC) shares by NYSE Arca, Inc. under the NYSE Arca Rule 8.201-E explained in the SEC document. It was a proposal to be listed and traded by. Grayscale advanced the transformation process by entering into a Transfer Agency and Service Agreement with BNY Mellon. BNY Mellon will serve as GBTC agent and manage shareholder accounts by overseeing the issuance and repurchase of shares. Drawing attention to an important aspect of Grayscale's meeting with the SEC, ETF Store President Nate Geraci pointed out GBTC's transformation process called "uplist". Geraci stated that Grayscale could gain a significant advantage in the ETF category by succeeding in uplisting GBTC to NYSE Arca. Grayscale filed a form S-3 registration statement with the SEC in October seeking to list GBTC shares on NYSE Arca under the symbol GBTC. Grayscale joins major asset managers such as BlackRock and Fidelity seeking SEC approval for spot Bitcoin ETFs.