Grayscale: Approval of a Spot Bitcoin ETF Is a Matter of Time
The introduction of the first US ETF based on the spot price of the leading cryptocurrency is only a matter of time. This is the conviction of Craig Salm, Chief Legal Officer at Grayscale, and Edward McGee, the Financial Director.
"We are actively working on getting GBTC listed on NYSE Arca as a spot Bitcoin ETF, although the exact timeline remains unknown," they reported.
Grayscale's Financial Director noted that after SEC approval, investors will not need to take any additional steps: their investments in GBTC will become shares on NYSE Arca.
However, the Chief Legal Officer could not specify the launch timeline for the ETF. He emphasized that the situation with converting GBTC into an exchange-traded fund and the court decision in favor of Grayscale is unprecedented.
In September, the company requested the SEC to swiftly approve this financial instrument. In October, the court required the SEC to review Grayscale's application, and in November, the parties discussed the details of the spot Bitcoin ETF.
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