Even as investors anticipate the SEC’s decision on Grayscale’s application to convert GBTC to an ETF, it shared an update on Monday. As the 240-day application review process with SEC is approaching, CEO Michael Sonnenshein expressed optimism about the decision.
Expecting SEC Decision On GBTC Soon
The Grayscale chief executive officer said the firm was expecting SEC’s decision as soon as early next month.
“We anticipate a decision from the SEC by early July, and you’ll be hearing from the Grayscale team with more information as it becomes available. Grayscale is unequivocally committed to converting GBTC to an ETF. We have left no stone unturned.”
Sonnenshein said Grayscale made progress in the recent times and that the process is only beginning. He recalled that earlier, the regular talk was around identity of Grayscale and Bitcoin’s credentials. Now, the converstaions are around Bitcoin halving, and topics like miner concentration, hashrate, and transactional throughput on the network, he explained.
Recent data showed GBTC performed worse than Bitcoin. Based on Bitcoin’s dump by about 55% this year, veriler ortaya çıktı GBTC plummeted over 63% so far.
Exploring Options If SEC Does Not Favour Grayscale Bitcoin ETF
The Grayscale CEO said the firm is also exploring options should the SEC not allow GBTC to convert to an ETF. The firm’s legal team articulated thoughtful, comprehensive arguments in support of GBTC’s conversion to an ETF, he said.
“Most recently, we retained one of the country’s premier advocates, former U.S. Solicitor General Donald B. Verrilli, Jr., as a senior legal strategist. We have created the strongest possible legal team to help us articulate the importance of this issue.”
However, Grayscale is hopeful of a positive decision on the ETF based on the SEC’s actions over the recent past. The SEC signaled an increased recognition of and comfort with the maturity of the underlying Bitcoin market, it said.
Bu yılın nisan ayında Grayscale wrote a letter to SEC around the legal technicalities to add value to the application. If in case the ETF approval come through in July, Grayscale is well prepared, it reiterated.
“GBTC is operationally ready to convert to an ETF the moment we are given the appropriate regulatory approvals. For this conversion, we have selected best-in-class partners, including BNY Mellon and EY, among others.”
Ever since the SEC published a notice to solicit Grayscale’s comments on the application in November last year, the firm deployed a strategy to raise awareness. The multifaceted strategy educate the general public included creating a microsite, a campaign to drive people to the site and meetings with influential policymakers.
Grayscale also stitched strategic partnerships with several media outlets in Washington D.C.. The firm also reached out to thought leaders in the crypto space, including researchers at several think tanks.
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Source: https://coingape.com/grayscale-bitcoin-etf-ceo-explains-possible-outcome-of-sec-decision/