As the arrival of a spot Bitcoin ETF becomes more and more apparent, the SEC has reportedly opened discussions with Grayscale for the conversion of GBTC. Let’s take a look at these rumours.
Sec reportedly in talks with Grayscale on GBTC ETF
According to DeskCoin, the Securities and Exchange Commissions (SEC) is reportedly in talks with Grayscale about converting its GBTC fund into a Bitcoin Spot ETF (BTC).
Since the company won its legal battle against the SEC and the latter decided not to appeal, discussions have been held with the Trading and Markets division and the Corporation Finance division. However, the SEC official who reported these remarks preferred to remain anonymous.
For his part, Craig Salm, Grayscale’s General Counsel, commented on these rumours, remaining relatively evasive, pointing out in particular that other competitors such as BlackRock or Fidelity would also be on track:
“Right now, we’re focused solely on constructive re-engagement with Trading and Markets. There are still things to work out. Overall, the engagement has been good, and it’s no longer a question of if, but when. “
At the same time, GBTC is trying to catch up between the fund’s actual share price and its over-the-counter (OTC) price. Indeed, this discount is currently 13%, i.e. a price of $31.97 versus $27.8 OTC:
Comparison of Grayscale’s GBTC share price and its OTC price
Although they don’t guarantee the acceptance of a spot Bitcoin ETF in the coming days, these developments are nevertheless encouraging, offering more and more arguments for this scenario. The question now is which player will succeed in gaining approval first, before the others follow suit.
Meanwhile, BTC was trading at a price of $36,700 at the time of writing.
