Cryptocurrency investment company Grayscale Investments is communicating with the U. S in a helpful way. The CEO of Grayscale says the company is asking the Securities and Exchange Commission to change its popular bitcoin trust into a type of investment fund that trades on the stock exchange. The boss thinks that Grayscale is in a good position compared to other companies applying for a spot bitcoin ETF.
Grayscale is working together with the SEC in a positive way.
The boss of Grayscale Investments, Michael Sonnenshein, talked about how the company wants to change their main bitcoin trust into a regular bitcoin investment fund in an interview with Bloomberg during DC Fintech Week on Wednesday. The SEC said no to the crypto manager’s request for a bitcoin ETF. But, a judge told the agency in charge of making sure investment markets are fair to look at the company’s request again.
“A few months ago, a decision was made in Washington, D. C” The court said no to the SEC’s decision to not allow GBTC to be listed as a Bitcoin ETF on the NYSE. The CEO of Grayscale said that they have a lot of respect for the court process, and they still do.
“There was a time after that when the SEC could have disputed that decision. ” “They really didn’t,” Sonnenshein went on. “Recently, our team has been submitting the necessary paperwork to the SEC, including our S-3 filing. This allows us to keep talking with the SEC and gives us the documents we need to move toward being listed on the NYSE. ” The executive also said:
So timelines are certainly not something that has been discussed. But what I can tell you is that the SEC is constructively engaging at the moment.
The CEO thinks Grayscale has an advantage over other bitcoin ETF applicants because their Grayscale Bitcoin Trust is already well-known and experienced. This allows them to file a simpler registration form, giving them an edge over other companies who have to file a more detailed one.
Sonnenshein said that other companies applying for spot bitcoin ETFs don’t have a product, investors, or trading history yet. He said Grayscale is hopeful that they will overcome any last problems and their investors will finally get what they’ve been waiting for.
The boss said that Grayscale is ready to operate GBTC as an ETF and has informed the SEC about it. He also said it’s good that other companies are trying to launch similar products.
We’ve well been and long been prepared for a world in which there are multiple spot bitcoin products in the same way that there are multiple bitcoin futures products.
Gary Gensler, the head of the SEC, said that they are thinking about approving 8 to 10 applications for a bitcoin exchange-traded fund (ETF). Some experts think that the SEC will allow many new bitcoin ETFs to start all at once in early 2023. JPMorgan is one of those experts. “The company Alliance Bernstein thinks that the price of bitcoin will go up to $150,000 by 2025. ” The company believes that approval for spot bitcoin ETFs will happen very soon.