U.S. SEC negotiates details with BlackRock and Grayscale

The latest development of Bitcoin spot ETF, after Grayscale won the legal battle with the U.S. Securities and Exchange Commission (SEC), the court has asked the SEC to review Grayscale’s application to convert GBTC into a Bitcoin spot ETF, according to The memorandum disclosed on the SEC official website shows that the SEC met with Grayscale on the 20th to discuss proposed changes to the listing and trading rules for this application.

At the same time, BlackRock, which submitted a Bitcoin spot ETF in June this year, also received good news. Another SEC memo showed that the SEC met with BlackRock on the 20th to target the listing of BlackRock’s iShares Bitcoin Trust ETF. and discussions on proposed rule changes for the transaction.

Furthermore, in the memorandum discussed between the SEC and BlackRock, a briefing from BlackRock was also attached, respectively discussing the two ETF redemption methods of physical subscription mode and cash subscription mode. According to Bloomberg ETF analyst James Seyffart According to Tweet analysis, BlackRock seems to prefer the physical subscription model, but the SEC seems to prefer the cash subscription model.