Grayscale’s GBTC fund could convert to ETF on Dec 24

The U.S. Securities and Exchange Commission (SEC) has acquired Grayscale’s shape 19b-4, that’s required for ETFs. Thus, the process by which the decision to convert or no longer to transform GBTCs to ETFs has been officially started. If the SEC doesn’t extend the verdict, December 24 is seen because the time limit for the problem.

Alternatively, an reputable date with the meeting of the commission has now not but been announced by way of each side. there’s a chance that December 24 shall be postponed for any reason.

Grayscale has been engaged on the conversion of GBTC shares into a Bitcoin ETF for a while. CEO Michael Sonnenshein introduced these plans in August, saying that ETF adoption was once only a matter of time. Barry Silbert, CEO of Grayscale’s discern corporate, Virtual Foreign Money Crew, additionally spoke back to an ETF query on Twitter, “Dangle on”, days after the ProShares ETF was once followed.

They agreed with BNY Mellon

The conversion of GBTC shares of Grayscale, which has more than $50 billion in virtual property underneath its control, to ETFs will result in much more money coming into the marketplace. In August, the corporate received David LaValle, who has 20 years of ETF enjoy, as its global ETF manager. Grayscale also introduced in July that it would hand over the accounting and management of the Bitcoin fund to the 237-year-vintage giant US financial institution BNY Mellon.