The post Grayscales Files Updated Spot Bitcoin ETF Application with US SEC after Binance’s Forced Exit appeared on BitcoinEthereumNews.com.

Grayscale officials had previously met with the US SEC representatives to the division of trading and markets to discuss the proposed rule to list and trade GBTC under NYSE Arca. After the United States Department of Treasury purged Binance Holdings Ltd’s operations in the country, the pathway for spot Bitcoin exchange-traded funds (ETFs) was clear. Around the same time, Grayscale Investments, a digital asset management company owned by Digital Currency Group (DCG), was preparing to update its application with the US SEC.  According to a memo from the US SEC, several of Grayscale’s top executives led by Chief Executive Officer Michael Sonnenshein met with the agency on November 20 to discuss the necessary changes needed on the original filing to ensure the approval of the application. Two days after the meeting, Grayscale Investments filed an updated application with the US SEC to convert its Grayscale Bitcoin Trust (OTC: GBTC) to a spot Bitcoin ETF. Closer Look at the Grayscale Bitcoin Trust Grayscale Investment is one of the early adopters of Bitcoin, whereby the GBTC was created on September 25, 2013, and incorporated under the OTC rules two years later. The GBTC, which currently tracks the CoinDesk Bitcoin Price Index (XBX), has a total assets under management (AUM) of about $23.3 billion, with about 692,370,100 outstanding shares. When the US SEC gets to approve Grayscale’s application for spot Bitcoin ETF, the company noted in the updated filing that the shares of the trust will be divided into 100 baskets, which consist of about 8.967 BTC for easier redemption. With the updated application, Grayscale Investments noted that it will be working with the Bank of New York Mellon Corp. (NYSE: BK) as the transfer agent, while the Delaware Trust Company will be the official trustee and Coinbase Custody Trust will act as…

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Filed under: News - @ November 24, 2023 1:16 am