– Grayscale has requested a meeting with the Securities and Exchange Commission (SEC) to discuss the conversion of its Bitcoin fund to a spot exchange-traded fund (ETF).
– Grayscale’s lawyers sent a letter to the SEC stating that there is no legal reasoning left to block the conversion, following a court loss regarding the Grayscale Bitcoin Trust (GBTC).
– The United States Appeals Court ruled against the SEC’s denial of Grayscale’s application to convert its GBTC to a spot Bitcoin ETF.
– Grayscale believes that the SEC should conclude there are “no grounds” for treating the GBTC differently from Bitcoin futures ETFs.
– Grayscale stated that if there was any other reason for rejecting the conversion, it would have already been made apparent in previous Commission orders.
– The fund conversion application has been pending for longer than the length of time stipulated by the SEC’s rules.
– Grayscale’s letter emphasized that the Trust’s investors deserve a fair playing field as quickly as possible.
Since the court ruling, the GBTC discount has fallen to 19.9%, compared to nearly negative 50% during the bear cycle bottom in December 2022.
Related: Grayscale wins the court battle, but what does this mean for a spot Bitcoin ETF?
– Grayscale’s request for a meeting with the SEC is a significant step towards the conversion of its Bitcoin fund to a spot exchange-traded fund.
– The United States Appeals Court’s ruling against the SEC’s denial of the application is a positive development for Grayscale.
– The GBTC discount has decreased since the court ruling, indicating increased investor confidence in the fund.
– The meeting between Grayscale and the SEC will determine the next steps for the conversion process.
– Grayscale is advocating for a fair playing field for its investors and believes that there are no grounds for treating the GBTC differently from Bitcoin futures ETFs.