Grayscale Investments is intensifying its efforts to steady approval from the Securities and Exchange Commission (SEC) for its Grayscale Bitcoin Trust’s transformation into a gap bitcoin exchange-traded fund (ETF). In a considerable development, Grayscale recently engaged in discussions with officials from the SEC’s Department of Trading and Markets.
NY Stock Exchange Proposal Takes Center Stage
The assembly focused on the proposed rule exchange by way of NYSE Arca, to list and trade shares of the Grayscale Bitcoin Trust (BTC) underneath NYSE Arca Rule 8.201-E. The memorandum, published via the SEC, sheds light on the ongoing efforts through Grayscale to navigate capability listing topics related to the ETF conversion.
Grayscale’s proactive technique is underscored by using a current criminal mandate from a D.C. Circuit court, directing the SEC to re-review the firm’s software. Last month, Grayscale filed a new registration announcement with the SEC in its latest attempt to pass forward with the conversion of its trust product into a gap bitcoin ETF.
Strategic Partnership with BNY Mellon Signals Progress
In an extraordinary improvement, Grayscale and the Bank of New York Mellon (BNY Mellon) entered into a settlement designating BNY Mellon as the switch agent for stocks of the belief. Grayscale aims to list the stocks on NYSE Arca below the image GBTC in addition to solidifying its strategic actions in preparation for regulatory approval.
Industry Giants BlackRock and Fidelity Also Eyeing SEC Approval
Grayscale isn’t on my own in the pursuit of a niche bitcoin ETF, with principal asset managers together with BlackRock and Fidelity also searching for approval from the SEC. Gary Gensler showed last month that the regulator is actively reviewing these filings, marking a broader enterprise fashion towards embracing spot bitcoin ETFs.