Grayscale Pushes Forward with Efforts to Convert Bitcoin Trust into Spot ETF After Court Victory Over SEC
• Grayscale met with SEC to discuss converting Grayscale Bitcoin Trust (GBTC) into a spot bitcoin ETF
• Meeting was between Grayscale execs and SEC's Division of Trading and Markets
• Concerned Grayscale's proposal for NYSE Arca to list and trade GBTC shares
• Grayscale sued SEC in 2023 for refusing to allow GBTC to become a bitcoin ETF
• Court ruled SEC lacked explanation for approving bitcoin futures ETFs but not Grayscale
• Grayscale submitted new filing, ready to operate as ETF pending approvals
• Intends to list potential ETF as GBTC on NYSE Arca with BNY Mellon as agent
• SEC has rejected all spot bitcoin ETF applications so far
• Window recently closed for SEC to approve pending applications