{"id":174993,"date":"2023-10-16T14:51:32","date_gmt":"2023-10-16T09:21:32","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=174993"},"modified":"2023-10-16T14:51:32","modified_gmt":"2023-10-16T09:21:32","slug":"grayscale-is-operationally-ready-to-convert-gbtc-into-etf-if-sec-gives-approval-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/grayscale-is-operationally-ready-to-convert-gbtc-into-etf-if-sec-gives-approval-crypto-news\/","title":{"rendered":"Grayscale is \u2018operationally ready\u2019 to convert GBTC into ETF if SEC gives approval – Crypto News"},"content":{"rendered":"

Grayscale<\/a> said it is \u201coperationally ready\u201d to convert its Bitcoin<\/a> Trust (GBTC) into an exchange-traded fund (ETF) immediately after the US Securities and Exchange Commission (SEC) approves its application.<\/p>\n

The crypto asset manager made this statement<\/a> in response to the SEC\u2019s failure to appeal<\/a> a court ruling compelling it to review Grayscale\u2019s conversion request<\/a>.<\/p>\n

According to Grayscale, following the exhaustion of the 45-day appeal window, the court will issue its final mandate within the next seven days, and its \u201cteam remains operationally ready to convert GBTC to an ETF upon the SEC\u2019s approval.\u201d<\/p>\n

Fox Business journalist Eleanor Terrett first shared the statement.<\/p>\n

GBTC is the most significant investment vehicle for the flagship asset. Grayscale had sued the SEC\u2019s blockage of creating a spot bitcoin ETF, arguing that this would benefit investors and allow redemptions for its trust.<\/p>\n

GBTC shares trade at a significant discount to its net asset value because it does not allow investors to redeem their shares. Data<\/a> from Coinglass shows that the GBTC discount has narrowed to a yearly low of 15.88% as of Oct. 13.<\/p>\n

Analysts believe the discount would close if the trust is converted into a spot Bitcoin ETF, as it would expose investors to the flagship digital asset without needing to own it directly.<\/p>\n

In its defense, the financial regulator regularly claimed that applicants lacked sufficient measures to safeguard investors from market manipulation. The SEC has yet to approve any application<\/a> for a spot Bitcoin ETF despite the many applications from top investment firms, including BlackRock, the world\u2019s largest asset management firm, during the past decade.<\/p>\n

However, market observers believe that the regulator\u2019s stance might be softening, with Bloomberg ETF analysts pegging the possibility of a spot BTC ETF approval at 90% recently. According to the experts, the SEC\u2019s increased communication with a fund sponsor has boosted their confidence that the financial watchdog might be finally ready to cave into the demand.<\/p>\n

\u201cThis back-and-forth between the SEC and fund sponsors is standard practice for new launches but a first for spot Bitcoin ETF applications,\u201d they wrote<\/a>.<\/p>\n

Bitcoin rose 4% to touch $28,000 early Monday, Oct. 16, as anticipation of the first spot Bitcoin ETF in the US increases.<\/p>\n

The post Grayscale is \u2018operationally ready\u2019 to convert GBTC into ETF if SEC gives approval<\/a> appeared first on CryptoSlate<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Grayscale said it is \u201coperationally ready\u201d to convert its Bitcoin Trust (GBTC) into an exchange-traded fund (ETF) immediately after the US Securities and Exchange Commission (SEC) approves its application. The crypto asset manager made this statement in response to the SEC\u2019s failure to appeal a court ruling compelling it to review Grayscale\u2019s conversion request. According […]<\/p>\n","protected":false},"author":2,"featured_media":174994,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-174993","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174993","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=174993"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174993\/revisions"}],"predecessor-version":[{"id":175000,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/174993\/revisions\/175000"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/174994"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=174993"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=174993"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=174993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}