{"id":87445,"date":"2023-11-23T18:46:08","date_gmt":"2023-11-23T16:46:08","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=87445"},"modified":"2025-09-13T11:52:16","modified_gmt":"2025-09-13T08:52:16","slug":"opinion-grayscale-gears-up-for-spot-bitcoin-etf-launch","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/opinion-grayscale-gears-up-for-spot-bitcoin-etf-launch\/","title":{"rendered":"Opinion: Grayscale gears up for spot Bitcoin ETF launch"},"content":{"rendered":"<p>Grayscale updated its <span data-descr=\"Grayscale Bitcoin Trust\" class=\"old_tooltip\">GBTC<\/span> filing to convert into <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-cryptocurrency-etf\">ETF<\/a>, changing the ticker to BTC. A Bloomberg analyst James Seyffart saw in this a new sign of ongoing talks between the firm and <span data-descr=\"Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span>. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Update: New Grayscale S-3\/Prospectus <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> ETF filing to convert <a href=\"https:\/\/twitter.com\/search?q=%24GBTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$GBTC<\/a>. Right off the bat the biggest update is the plan to change <a href=\"https:\/\/twitter.com\/search?q=%24GBTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$GBTC<\/a>&#8216;s ticker to <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> (which was expected). Skimming through the rest now. <a href=\"https:\/\/t.co\/W9uNdAHLMv\">pic.twitter.com\/W9uNdAHLMv<\/a><\/p>\n<p>\u2014 James Seyffart (@JSeyff) <a href=\"https:\/\/twitter.com\/JSeyff\/status\/1727454611794006121?ref_src=twsrc%5Etfw\">November 22, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The agency recommended amendments to the existing documentation, the expert said.<\/p>\n<p>Grayscale&#8217;s progress on the conversion question led to the discount to NAV narrowing to 9.77%, the lowest since July 2021. <\/p>\n<p>For comparison, in January the figure stood at <a href=\"https:\/\/u1f987.com\/en\/news\/gbtc-discount-narrows-to-16-as-bitcoin-etf-launch-expectations-mount\">48.31%<\/a>.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-839.webp\" alt=\"1-839\" class=\"wp-image-220744\"\/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/ycharts.com\/companies\/GBTC\/discount_or_premium_to_nav\" target=\"_blank\" rel=\"noreferrer noopener\">yCharts<\/a>.<\/figcaption><\/figure>\n<\/div>\n<p>The situation was sharply altered by <a href=\"https:\/\/u1f987.com\/en\/news\/blackrock-files-for-bitcoin-etf-launch\"> BlackRock&#8217;s July filing for the launch of a Bitcoin ETF <\/a>. Since then, Grayscale Investments&#8217; GBTC shares have risen by 57%, the discount to NAV narrowed from 41.7% to 29.3%.<\/p>\n<p>The momentum continued as the SEC did not appeal the ruling in the case against Grayscale.<\/p>\n<p>At the end of August, a U.S. court granted the firm&#8217;s motion in the suit against the regulator over the regulator&#8217;s refusal to convert GBTC into a digital-gold-based ETF.<\/p>\n<p>The appellate court ordered the Commission to reconsider its decision.<\/p>\n<p>In October, a U.S. court officially upheld the verdict that the SEC must reconsider Grayscale Investments&#8217; application.<\/p>\n<p>In the same month, JPMorgan forecast that the firm would reduce the product&#8217;s management fee and neutralize its discount to NAV after the conversion into an ETF.<\/p>\n<p>Earlier, on November 20, Grayscale&#8217;s management held a meeting with the SEC to discuss the conversion process. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Grayscale updated the GBTC filing to convert into an ETF, changing the ticker to BTC. A Bloomberg analyst saw in this a new sign of ongoing talks between the firm and the SEC.<\/p>\n","protected":false},"author":1,"featured_media":87446,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,569,943,36,128],"class_list":["post-87445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-etf","tag-grayscale-investments","tag-regulation","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"7","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/87445","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=87445"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/87445\/revisions"}],"predecessor-version":[{"id":87447,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/87445\/revisions\/87447"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/87446"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=87445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=87445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=87445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}