Grayscale met again this week with the US Securities and Exchange Commission (SEC). The company is taking steps towards the long-awaited Bitcoin Exchange Traded Fund (ETF).
Bitcoin ETF Timeline
Here you will find an overview of current developments:
On November 22, Grayscale presented a new preliminary prospectus after a meeting with the regulator. This is a crucial step in your plans to convert the GBTC fund into a spot ETF.
On November 29, the company updated the GBTC agreement for the first time since 2018 and indicated concrete preparations for the transition.
Details of the plan are currently being worked out, according to ETF Store President Nate Geraci, who reported on Dec. 1: “I think we’re getting close to the finish line.”
Geraci humorously speculated about possible meetings between Grayscale and the SEC, imagining CEO Sonnenshein arriving with a peace offer:
“Sorry about the lawsuit and all. Water from under the bridge! Now repent.
Request updates for ARK, 21Shares and Hashdex
Yesterday, Bloomberg Senior ETF Analyst Eric Balchunas commented on the Bitcoin ETF registrations of ARK and 21Shares. He noted that ARK/21Shares will likely transfer $130 million from GBTC to ARKB, putting it in a strong position in the Bitcoin ETF competition.
Ark Invest, which has a large stake in the Grayscale fund, could use this potential to launch its own ETF.
There is also news about the application of Hashdex. Negotiations with the SEC have been postponed, but that is not necessarily a bad thing. Seyffart emphasized that this indicates that the SEC is working closely with potential Bitcoin ETF issuers on the technical details.
Hashdex stands out because it focuses on exchanging physical trades via CME futures to integrate Bitcoin into the ETF structure. The approval of such plans would be a major milestone for the wider adoption of crypto ETFs.
Source: BtcDirect
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
