Grayscale Pushes for Bitcoin ETF Approval
Grayscale Investments wants to change their Bitcoin Trust (GBTC) into an ETF. They say the SEC is taking too long to decide. Many investors are waiting.
Grayscale Investments has asked the Securities and Exchange Commission (SEC) to turn their Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF). They say the SEC has no reason to say no. Grayscale's lawyers say GBTC is all set to become a Bitcoin ETF if the SEC agrees.
On Twitter, Grayscale shared a letter. They pointed out that the SEC is taking too long to decide, much longer than the usual time. They also said there's no clear difference between Bitcoin futures and spot Bitcoin. If there was a difference, it should have been clear by now.
Recently, a court said the SEC was wrong to reject Grayscale’s ETF request. The court told the SEC to think about it again. Grayscale wrote in their letter that many GBTC investors are waiting. They said the SEC should quickly make a fair decision for nearly one million investors.
Grayscale's CEO, Michael Sonnenshein, said turning GBTC into an ETF has always been their main plan. He said they thought of this even before they started GBTC in 2013.
