- Grayscale met the US SEC to discuss the conversion of their Bitcoin Trust to a spot Bitcoin ETF.
- Bloomberg ETF analyst James Seyffart says potential spot Bitcoin ETF issuers met with the SEC recently.
- The analyst says there is a 90% probability of a spot Bitcoin ETF approval before January 10.
The US Securities and Exchange Commission (SEC) published a memo outlining its discussion with Grayscale, concerning the conversion of its Bitcoin Trust to a spot Bitcoin ETF product. The US financial regulator recently delayed its decision on Hashdex, Grayscale, and Franklin Templeton’s spot BTC ETF applications.
Also read: Bitcoin price hit $38,000 despite US financial regulator’s decision to delay two BTC ETF decisions
Grayscale hopeful of converting its Bitcoin Trust to spot BTC ETF
Bloomberg ETF analyst, James Seyffart, reported that Grayscale had meetings with the US SEC’s division of trading and markets on November 20. This division is in charge of approving or denying form 19b-4, used by self-regulatory organizations (SROs) to record rule changes with the regulator.
Seyffart stated that he has “heard rumblings” of other potential spot Bitcoin ETF issuers meeting with the SEC in the last week.
Grayscale had meetings with the SEC’s division of trading and markets yesterday (the division in charge of approving or denying 19b-4’s). Have also heard rumblings of other potential spot #bitcoin ETF issuers meeting with SEC in the last ~week or so. https://t.co/WHs5zxLqVD
— James Seyffart (@JSeyff) November 21, 2023
Grayscale landed a historic win in the August ruling, where a District of Columbia Circuit court directed the SEC to re-review Grayscale’s application for a spot Bitcoin ETF. The asset manager then filed a new registration statement with the financial regulator, ahead of this week’s meeting.
The memo for the November 20 meeting between the two parties mentions that “...the discussion concerned NYSE Arca, Inc.’s proposed rule change to list and trade shares of the Grayscale Bitcoin Trust (BTC) under NYSE Arca Rule 8.201-E.”
Bloomberg’s ETF analysts remain firm on their prediction that a spot Bitcoin ETF is 90% likely to be approved before its January 10 deadline.
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