#Grayscale #BitcoinTrust #BitcoinETF #SecuritiesandExchangeCommission #BTC #GBTC #Cryptocurrency #BNYMellon
Crypto asset manager, Grayscale, is progressing with its strategy to transform its famed Bitcoin Trust into a spot Bitcoin ETF (Exchange-Traded Fund). After meeting with the Securities and Exchange Commission (SEC), the company has submitted a new prospectus. The most notable update in Grayscale’s new prospectus is the plan to change the ticker of GBTC to BTC. Although, it should be noted that they are not actually filing to list as BTC. Grayscale does have a filing for their Global Composite Bitcoin ETF with the BTC ticker, but it might not get launched if the conversion of GBTC gets approval.
The company has also submitted certain amendments and reduced the length of the filing to streamline the conversion process on the instruction of the SEC. In a significant move, Grayscale executives and legal representatives had a meeting earlier this week to talk about the plans related to the product offering with the SEC. A memo from the SEC indicated that the discussion revolved around the proposal by NYSE Arca, Inc. to list and trade shares of the Grayscale Bitcoin Trust under the NYSE Arca Rule 8.201-E. Moreover, Grayscale declared that it had signed a transfer agency and service agreement with BNY Mellon, America’s oldest bank, which would act as the transfer agent for GBTC. Their responsibilities will include issuing and redeeming shares, maintaining shareholder accounts, and managing communications.
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