Grayscale Awaits SEC Decision on Bitcoin Trust Conversion to ETF:
Grayscale CEO Michael Sonnenshein announced at CoinDesk’s Consensus 2023 conference that a decision is due during the third quarter of 2023 regarding the conversion of Grayscale Bitcoin Trust (GBTC) into a bitcoin exchange-traded fund (ETF). The CEO anticipates a judge’s verdict on their lawsuit filed against the Securities and Exchange Commission’s denial of their the Bitcoin investment fund’s transformation. Last year, the SEC turned down Grayscale’s proposal to change its $2.7 billion GBTC into an ETF, causing Grayscale to sue the SEC. If the judge rules in favor of the company, Sonnenshein said that they are eager to work “expeditiously” with the regulator to achieve their goal of listing product on NYSE Arca, enabling them to eliminate the current product’s discounted market values in comparison to the net asset value it holds.
Price performance should not reflect the longevity and stability of digital assets. According to Sonnenshein, underlying technologies, developer participation, and usage cases are positive factors affecting investment liquidity—a promising interest/demand estimate for cryptocurrencies down the road.
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[h/t Aoyon Ashraf]