The Grayscale Bitcoin Fund (GBTC) has filed an application with U.S. regulators that could turn it into one of the first publicly traded bitcoin products. This means that you can buy and sell GBTC just like a stock and don’t need any special skills or knowledge!
Filing with the SEC to convert GBTC into an ETF means that anyone who invests in the fund will be able to buy and sell GBTC shares on a major exchange.
Get in on the ground floor of this exciting new investment opportunity.
Grayscale filed an application to convert its Grayscale Bitcoin Fund (GBTC) into an exchange-traded fund (ETF) that holds spots for bitcoin. The Securities and Exchange Commission (SEC) is reviewing the application.
NYSE Arca filed a proposed rule change with the SEC on November 2.
On October 19, NYSE Arca filed a 19b-4 to list the converted GBTC ETF, invoking the SEC’s authority over the product. A decision could come as early as December 24. However, the agency has in the past extended applications for bitcoin spot products.
In its new notice, the SEC asks for feedback on its proposal. This approach has been used by the agency in the past, most recently with VanEck’s application.
VanEck has been extended multiple times by the Commission, including a request for comments in June this year. Yet, VanEck is the furthest along in the application cycle, and the agency will have to decide on November 14.
Grayscale announced in February that it would convert GBTC, its flagship fund, and has stated that its intentions are to convert all of its products over time.
David LaValle, former CEO of index provider Alerian and once head of ETF capital markets at State Street, has been appointed global head of ETFs, and some fund administration work is being outsourced to BNY Mellon in preparation for the conversion.
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Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
