The U.S. Securities and Exchange Commission (SEC) has reportedly started discussions with Grayscale Investments on converting its Bitcoin trust fund into a spot Bitcoin exchange-traded fund (ETF).
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Fast Facts
- Grayscale has been talking to the SEC since its court victory in August, an unnamed person familiar with the matter told Coindesk.
- Grayscale scored a legal victory over the SEC after a judge reversed the agency’s earlier refusal to allow the conversion of the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.
- Grayscale submitted its latest ETF filing with the SEC on Oct. 19. If approved, the fund would be listed on the New York Stock Exchange (NYSE) Arca under the ticker symbol GBTC.
- Thursday marked the start of an eight-day period for the SEC to “theoretically approve” pending spot Bitcoin ETF applications.
- Bitcoin rose 4.04% in the 24 hours leading up to 8:05 p.m. in Hong Kong, to trade at US$36,797, according to CoinMarketCap.
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