Grayscale Investments reportedly met with the US Securities and Exchange Commission (SEC) to convince the regulator to turn its Grayscale Bitcoin Trust (GBTC) into a spot bitcoin exchange-traded fund (ETF).
<h2><strong>Persuading SEC for Converting Trust Into ETF</strong></h2>
According to a report from <a href="https://www.cnbc.com/2022/05/11/grayscale-tells-sec-that-turning-biggest-bitcoin-fund-into-etf-will-unlock-8-billion-for-investors.html" target="_blank" rel="noopener">CNBC</a>, Grayscale, the company behind the world’s largest bitcoin fund, had a private meeting with the Securities and Exchange Commission to persuade the regulator for turning its flagship fund into an exchange-traded fund (ETF).

In a <a href="https://grayscale.com/sec-presentation/" target="_blank" rel="noopener">presentation</a> made to the SEC at the recent meeting which was later shared with the publication, Grayscale highlighted that converting its product into an ETF would “protect investors and the public interest, allowing the product to better track net asset value while giving investors the freedom to invest in Bitcoin in a safe and secure manner.”

Additionally, Grayscale also said that an ETF vehicle instead of the trust “allow better NAV tracking, reduce discounts and premiums, and unlock approximately $8B for investors.”

At the moment, Grayscale’s actual trust GBTC is trading at a 25% discount to its underlying Bitcoin holdings. Grayscale argues that this discount will disappear upon conversion into an ETF, thus bringing immense value to current investors.
<h2><strong>Grayscale Holds 3.4% of Bitcoin's Total Supply</strong></h2>
In October, Grayscale initially applied to convert its Grayscale Bitcoin Trust into a spot ETF. However, the regulator has since pushed off a decision, but currently plans to render a verdict by July 6.

Grayscale currently holds over 640,000 Bitcoin on behalf of over 850,000 US accounts which is about 3.4% of Bitcoin’s total supply, worth $18.6 billion at the time of writing.

Grayscale Had a Private Meeting With SEC On Approval Of Spot-Bitcoin ETF

Grayscale reportedly met with the US SEC to convince the regulator to turn its Grayscale Bitcoin Trust into a spot bitcoin exchange-traded fund (ETF).

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Grayscale Had a Private Meeting With SEC On Approval Of Spot-Bitcoin ETF

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