The post Grayscale to Make Changes to Accomodate Bitcoin ETF Approval appeared on BitcoinEthereumNews.com.

Grayscale is hoping that the proposed changes to GBTC’s Trust Agreement would help both the company and GBTC to achieve operational efficiencies. Manager of the Grayscale Bitcoin Trust (GBTC), Grayscale is currently updating its trust agreement as the wait for spot Bitcoin exchange-traded funds (ETFs) enters top gear. That is according to a Wednesday filing by the company. However, the move is Grayscale’s first such in as long as five years, signalling a significant moment in the company’s history. Per the filing, Grayscale is looking to update the structure of GBTC to put it in a good position to receive the green light for a spot Bitcoin ETF. Moreover, it also wants to ensure that it has equal chances with the likes of top spot Bitcoin ETF applicants such as asset management giant BlackRock. The Grayscale Updates Grayscale’s trust agreement update proposes two major changes which will be decided by shareholder vote. Firstly, it seeks to modify its fee structure. Grayscale wants to go from charging its fees monthly to daily fees. According to a company spokeswoman, this change is not to be confused with a fee reduction. Rather, it is only a structural modification. However, a fee reduction might also be in the works and may come later on. According to the spokeswoman, the company is yet to decide on that for now. Meanwhile, Grayscale stands apart from most of its counterparts in terms of how much they charge. That is according to an analyst report by Matrixport. The report claims that Grayscale currently charges a 2% management fee for GBTC. Whereas,  other firms awaiting approval for spot bitcoin ETFs charge between 0.7%-1%. The second update borders on how assets can be custodied in a way that will ensure a more seamless share creation and redemption. And for what…

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Filed under: News - @ November 30, 2023 11:16 am