Grayscale Meets with SEC Officials to Discuss Spot Bitcoin ETF Listing
Court ruled in favor of Grayscale’s lawsuit against the SEC for delaying the processing of the Bitcoin spot ETF application. The firm operates the biggest Bitcoin trust in the world and intends to transform it into a Bitcoin Spot ETF.
Changes in Grayscale Bitcoin Trust
On this account, the lawyers of Grayscale recently organized a meeting with officials from the Securities and Exchange Commission. The main agenda of the meeting was to discuss the details of rule changes about the Grayscale Bitcoin Trust.
On this account, a memo issued recently from Grayscale CEO Michael Sonnenshei, ETF head Dave LaValle, and legal officer Craig Salm represented the firm with 4 additional executives. Five executives from Davis Polk law firm also joined the meeting. From the side of Securities and Exchange Commission officers from division of trading and markets attended the discussion.
The meeting agenda mulled over a policy change proposal from NYSE Arca Incorporation that intended to list and trade Grayscale Bitcoin Trust shares under 8.201-E rule. Grayscale briefed that it has signed a transfer contract with BNY Mellon as per a Bloomberg analyst.
GBTC Share Transfer Services
Bloomberg analyst James Seyffart covered the GBTC contract with BNY Mellon. He wrote that the banking enterprise will offer issuance and redemption of GBTC shares. At the same time, the bank will also manage and supervise the shareholder accounts for Grayscale.
Seyffart also shared an official filing of the proposal and explained that trading and markets division will issue an approval on the 19b-4s form. The filing has been sent to Securities and Exchange Commission as legal notification regarding the proposal rule change issued by a self-regulated firm.
Seyffart also claimed that the agreement between BNY Mellon and Grayscale was an essential legal requirement. He retained that the development is not an indication that GBTC conversion process is expedited.
EFT store president, Nate Geraci mentioned in a recent social media post that the meeting between SEC and Grayscale is substantial proof of uplisting of the GBTC Bitcoin spot ETF application. He further noted that Grayscale can get a leg ahead in the race if it is uplisted on NYSE Arca on the same day as other firms launch a BTC Spot ETF.
Geraci Projects Grayscale to Enter ETF Markets
Nate Geraci shared some insights into the matter of the Bitcoin spot ETF race recently. At present, some of the major financial firms in the USA have filed an application for Bitcoin Spot ETF. Geraci noted on social media that $20 billion AUM Grayscale will enter the ETF market on day one alongside other major players such as BlackRock.
On this account, Grayscale filed an S-3 registration form with SEC on 19th October. This move indicates the intention of the firm to list GBTC shares on NYSE Arca under ticker symbol GBTC.
In October, the United States appellate court issued a mandate addressed to SEC to review their decisions on denying the application from Grayscale to convert GBTC into spot ETF. Seyffart retained that in terms of ETF application processing, there is continuous progress.
He has also projected a 90% probability of an ETF approval before January 2024 next year. NYSE Arca has issued a statement retaining that the firm intends to work with SEC officials to serve the GBTC shareholders.
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