News - Grayscale submits revised Bitcoin ETF application

By Luc Vesters

Grayscale submits revised Bitcoin ETF application

Bitcoin (BTC)

Digital currency asset manager Grayscale has submitted a new application for a Bitcoin spot ETF filed with the SEC. This is according to a tweet by Bloomberg analyst James Seyffart yesterday.

This news follows a wave of revised applications, including from asset managers BlackRock and Fidelity.

A few days earlier, a meeting would have taken place between Grayscale and the U.S. Securities and Exchange Commission. Conditions for approval of the ETF would have been discussed.

In addition, the discount between GBTC shares and the market price of BTC to its lowest value since 2021 (10 percent). A sign that the transformation of the GBTC fund into a Bitcoin ETF is increasingly likely.

GBTC is a fund that trades securities that are supposed to reflect the price of Bitcoin. However, the shares trade cheaper because they cannot currently be redeemed for BTC. Grayscale's ETF wants to change that. However, the SEC has so far vehemently rejected a switch.

Following a court ruling in August the SEC was forced to reconsider the application. The latest negotiations between the two parties show that the exchange regulator could now be willing to grant the application.

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