Grayscale: Spot Bitcoin ETF approval is only a matter of time

The emergence of the first US ETF based on the spot price of the first cryptocurrency is only a matter of time. This is the conviction of Grayscale’s Chief Legal Officer Craig Salm and Chief Financial Officer Edward McGee.

While timelines are inherently uncertain, in looking ahead, we sat down with @CraigSalm, Chief Legal Officer, and Edward McGee, Chief Financial Officer, to address some common questions about the mechanics of $GBTC uplisting as an ETF. https://t.co/RQKrmHvWYz pic.twitter.com/QXN6aFBGxD

— Grayscale (@Grayscale) December 1, 2023

“We remain focused on adding GBTC to the NYSE Arca listing as a spot Bitcoin ETF. While the timelines are inherently uncertain,” the statement says.

The Grayscale CFO said that after the U.S. Securities and Exchange Commission approves the instrument, investors will not need to take any further action. Their GBTC assets will be converted into shares on NYSE Arca.

The lead legal officer of the asset manager could not name even rough timelines for the launch of a spot Bitcoin ETF. In his words, a court ruling in favor of Grayscale and the conversion of GBTC into an exchange-traded fund is an unprecedented situation.

In September, the company asked the SEC to promptly approve the instrument. In October, a court ordered the regulator to reconsider the relevant application. In November, the parties discussed the details of the spot Bitcoin ETF.

Galaxy Digital CEO Mike Novogratz also called the approval of the Bitcoin ETF a matter of time. In the view of SEC Commissioner Hester Peirce, this should have been done five years ago.

Earlier, the U.S. Securities and Exchange Commission began collecting public feedback on the instrument. Lawyer Scott Johnson saw in this a signal that the regulator was ready to approve all filings by January 10.