Grayscale reports 99% of SEC comment letters support spot Bitcoin ETF
— One river digital, Exchange commission, Traded fund, Global x, Crypto, Proshares — 1 min read
Digital asset manager Grayscale reported overwhelming support for its application to launch a spot Bitcoin exchange-traded fund. The SEC is reviewing the firm's application allowing the firm to convert shares of its Bitcoin Trust (GBTC) into a physically-backed fund. If approved, the firm would be the first spot BTC ETF offering in the U.S. The application is nearing the end of a 240-day review process, which started in November 2021 and ends on July 6. The firm said it was ‘unequivocally committed” to converting its BTC trust to an ETF, and hired a former US Solicitor General in June to work as a senior legal strategist for the application. In May, the digital asset manager launched a crypto-linked Source