Grayscale ‘Encouraged’ by SEC Rulings Ahead of Bitcoin ETF Decision - Aliens: AI Crypto News & Markets Updates
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Grayscale ‘Encouraged’ by SEC Rulings Ahead of Bitcoin ETF Decision

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Blockworks

Mon, Jun 27, 2022

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Roughly 11,400 comment letters about Grayscale’s application have been submitted to the SEC since November The investment vehicle has traded at a discount of roughly 30% to its net asset value in recent weeks While crypto-focused asset manager Grayscale Investments is optimistic ahead of the SEC’s decision on giving the greenlight to the firm’s long-proposed conversion of its bitcoin trust to an ETF, the company’s CEO said it’s preparing for all possible scenarios.

“We remain encouraged by the SEC’s actions over the past eight months, which have signaled an increased recognition of and comfort with the maturity of the underlying bitcoin market,” CEO Michael Sonnenshein said in a Monday letter to investors.

The Grayscale Bitcoin Trust (GBTC), which has $13.5 billion of assets, is operationally ready to convert into an ETF when it is granted approval, Sonnenshein added.

“But, as you know, the SEC continues to prohibit spot-based ETFs from coming to market, so the Grayscale team has been preparing for all possible post-ruling scenarios,” he said in the Monday letter.

The company tweeted at the time that the addition was “to ensure that we have the strongest possible team of legal minds ready to support our BTC ETF application.” Grayscale executives have said they wouldn’t rule out a lawsuit if the application is denied.

The SEC is slated to rule on a separate spot bitcoin ETF application from Bitwise Asset Management by week’s end.

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