Grayscale Investments is actively seeking approval to convert its Grayscale Bitcoin Trust into a spot Bitcoin exchange-traded fund (ETF).
The asset manager recently met with Securities and Exchange Commission (SEC) officials to discuss potential listing issues regarding the product’s shares.
According to a memo published by the SEC, the meeting focused on NYSE Arca, Inc.’s proposed rule change to list and trade shares of the Grayscale Bitcoin Trust (BTC) under NYSE Arca Rule 8.201-E.
Grayscale recently filed a new registration statement with the SEC, marking its latest attempt to transform the trust product into a spot bitcoin ETF.
In the previous month, the D.C. Circuit Court issued a formal mandate, reinforcing its August ruling and instructing the SEC to re-review Grayscale’s application.
Grayscale, in collaboration with the Bank of New York Mellon, designated BNY Mellon as the transfer agent for trust shares in a significant move.
According to the S-3 filing submitted on Oct. 19, GBTC intends to list the shares on NYSE Arca under the symbol GBTC and issue them continuously upon approval of its S-3 form and a separate 19b-4 filing from NYSE Arca.
This initiative is consistent with a broader industry trend, as other major asset managers, including BlackRock and Fidelity, are also seeking SEC approval for spot bitcoin ETFs. Last month, SEC Chair Gary Gensler acknowledged that the regulator is actively reviewing these filings.
Bloomberg Intelligence’s James Seyffart, an ETF analyst, hinted at further progress in the spot bitcoin ETF space, stating that he had “heard rumblings of other potential spot bitcoin ETF issuers meeting with the SEC in the last week or so.”
The collaborative efforts indicate growing industry momentum toward the potential approval of spot bitcoin ETFs.
