New spot Bitcoin ETF update from Grayscale to SEC

Grayscale, which wants to convert its GBTC shares into an exchange-traded fund (ETF), has filed a new update with the SEC. The news was given by Bloomberg ETF expert James Seyffart via account X.

"Not a lot of details

In a tweet, Seyffart said, "This is one of the updates requested for GBTC to be converted into ETFs, but I don't see a lot of important details."

Balchunas criticized more harshly

Eric Balchunas, another ETF analyst at Bloomberg like Seyffart, criticized the update more bluntly. Balchunas stated that many points remain unclear, from who the authorized participant is to the transaction fee, and said:

"There was clear language that payments would be made in cash, but the place where the name of the authorized participant should have been left blank. I don't understand why the SEC would want to see such an update. Also, as far as I can see, there is no information about transaction fees. That raises a big question mark."

The critical date is January 10th...

As it is known, the SEC has until January 10 to respond to ARK Invest's spot Bitcoin application. The Authority does not have the right to postpone this decision. Therefore, either acceptance or rejection will be decided. Experts and the U.S. media, on the other hand, see a higher probability that the SEC will accept all applications at the same time, rather than giving an approval on or before January 10, which would give ARK Invest an advantage.

Published: January 2, 2024 16:35Last Updated: January 2, 2024 16:36

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