Grayscale teamed up with the SEC to convert GBTC into a spot Bitcoin ETF.
The SEC has so far either rejected or delayed spot Bitcoin ETFs, although it has approved several futures-based Bitcoin ETFs.
A GraysScale spokesperson said the meeting was very productive and expressed their desire to maintain an open dialogue with regulators.
Grayscale applied to convert the Grayscale Bitcoin Trust into a spot ETF in October 2021. The SEC has continued to delay the decision since then. The regulator plans to make a decision by July 6.
GrayScale told the SEC that converting the GBTC product to a spot ETF product will “protect investors and the public interest, allow them to better monitor the net asset value of the product, while giving investors the freedom to invest in Bitcoin in a safe and secure manner. said”
GrayScale CEO Michael Sonnenshein stated that if the SEC rejects the offer, they can take the matter to court.