Grayscale, the world’s largest digital asset manager, has applied to convert the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin exchange-traded fund (ETF) after the SEC’s Bitcoin ETF approvals in the US.
Following the filing by NYSE Arca on Oct. 19, the SEC issued a November 2 statement requesting comment on Grayscale’s application. This request for comment indicates that the SEC has begun to closely scrutinize Grayscale’s application.
With the application made to the SEC, the countdown has begun for the conversion of GBTC to a spot Bitcoin ETF.
According to the SEC’s filing notice, the SEC will either approve or reject the rule change within 45 days of filing the notice submitted by Grayscale.
In the post made on the Twitter account named “Hearsay by Henry Jim”, it was claimed that the SEC could decide on Grayscale’s ETF as early as December 24.
Grayscale Bitcoin ETF 19b-4 filing “notified” by SEC, starting clock for the conversion of $GBTC to an ETF.
First possible date for approval (barring SEC extensions) is Dec 24.
SEC notice:https://t.co/KXuz2WmfBJ
19b-4:https://t.co/gcMxX6ekwf@Sonnenshein @bitcoinetf $BTC pic.twitter.com/344kkhkf75
— ETF Hearsay by Henry Jim (@EtfHearsay) November 3, 2021
If the transition of Grayscale’s GBTC to the Bitcoin ETF is approved, Grayscale’s products may attract more interest from investors. This means bringing additional funds to the market. For now, there has been no official statement from the SEC or Grayscale regarding the date. Therefore, there is a possibility of a postponement news.