Grayscale is moving forward with Bitcoin ETF conversion plans.

Crypto asset manager Grayscale is moving forward with plans to convert its popular Bitcoin Trust into a Bitcoin exchange-traded fund. After meeting with the Securities and Exchange Commission this week, the company made new promises.

In the year On November 22, Grayscale filed a new preliminary forecast for its plan to convert the GBTC fund into a spot ETF.

Grayscale's new prospectus

According to Bloomberg Intelligence ETF expert James Seifert, the biggest update is the plan to convert the GBTC token to BTC. However, he later added that they are not actually registering to be listed as BTC.

Grayscale has a file for their Global Composite Bitcoin ETF, which is ticked by the symbol BTC. However, that may not start if the conversion from GBTC is approved.

The analyst said he has several questions about current spot-ETF applications:

“I haven't read all of them, but it's an additional data point confirming that Grayscale is in talks with the SEC and will make revisions/changes to their filings after SEC discussion and feedback.”

Overall, Grayscale shortened this particular file with a few improvements to risk factors and disclosures.

Read more: How to prepare for a Bitcoin ETF: A step-by-step approach

More significantly, Grayscale executives and legal representatives met with the SEC earlier this week to discuss the product.

An SEC memo on the meeting stated that “NYSE Arca, Inc. The proposed rule change for the listing and trading of shares of Greyscale Bitcoin Trust under NYSE Arca Rule 8.201-E” concerns discussions.

Grayscale disclosed that it has entered into a transfer agency and servicing agreement with BNY Mellon. In addition, Veterans Bank of America acts as a transfer agent for GBTC. Duties include issuing and redeeming shares, maintaining communications and share accounts.

Spot Bitcoin ETF opportunities are increasing

EFF Store President Nate Geracchi said the most significant aspect of the Greyscale SEC meeting was that the GBTC “conversion” was referred to as “exciting”. He added:

“If Grayscale can float GBTC to NYSE Arca on the same day, other issuers have a real shot at dominating this ETF category, even with BlackRock, if other issuers launch BTC ETFs and make a concerted effort to compete on fees.

Additionally, Grayscale has more than $20 billion in assets under management for its brand, while its competitors are starting from scratch.

Bloomberg analysts increased the odds of approval of the Bitcoin spot ETF to 90% in January. However, the SEC continues to play its delay and delay tactics.