Grayscale Bitcoin Trust aims to turn the ETF into a narrow discount.

Greyscale, a major player in digital asset management, has expressed interest in the potential conversion of Greyscale Bitcoin Trust (GBTC) into a Bitcoin ETF. This move could wipe out the current 8.09% decline to $1.89 billion, which would match the value of GBTC with the actual value of Bitcoin, giving investors a significant advantage.

The company's chief legal officer, Craig Salm, and chief financial officer, Edward McGee, disclosed the details. Pending approval from the United States Securities Exchange Commission, GBTC is set to move from its current platform, OTCQX, to the prestigious NYSE Arca exchange. This move seeks to better align GBTC shares with the actual value of Bitcoin and introduce a streamlined mechanism for investors to effortlessly create or withdraw shares.

EFF analyst Eric Balchunas of Bloomberg sees significant reliance on Reg M relief. Although he refrained from confirming this, he cited past statements suggesting that the SEC might use Reg M. Balchunas notes the surprising timing of Regulation M's mention immediately after Grayscale's meeting with the SEC, hinting at its importance or influence on their decision.

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Bitcoin (BTC) is currently trading at $39,481 and trading volume is increasing indicating high trader interest, the space's hope is that the Bitcoin ETF will provide investors with an accurate representation of Bitcoin's value through GBTC and create a safe way for institutional investors to engage with Bitcoin. . This development has already led to a 3% increase in the price of Bitcoin in the last 24 hours, which is due to a large increase in trading volume, indicating widespread demand.

In a Nov. 28 X (formerly Twitter) post, Bloomberg ETF analyst James Seifert said the SEC has delayed its decision on the filings for 34 days ahead of the Jan. 1, 2024, decision deadline. Seifert and his colleague Eric Balchunas They put a 90% chance on their approval of the Bitcoin ETF on January 10, 2024, and the twin delays “everything assures me that this is probably a move to get every applicant approved by January.” In the year 10, 2024 deadline,” Siffert said.

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