Grayscale When, Not If on Bitcoin ETF Approval and GBTC Conversion
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Grayscale believes SEC approval of a Bitcoin spot ETF is a matter of "when, not if" and will work to convert its Grayscale Bitcoin Trust (GBTC) into an ETF if approved.
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Grayscale did not provide a timeline for potential GBTC conversion to an ETF.
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GBTC currently trades at an 8% discount to its net asset value but converting to an ETF could allow it to more closely track Bitcoin's price.
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GBTC accounts for over 3% of total Bitcoin supply.
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Grayscale has made progress towards ETF conversion, including a judge ruling the SEC must review its ETF application and the SEC meeting with Grayscale executives to discuss the proposed rule change.