Grayscale updated its GBTC filing to convert into ETF, changing the ticker to BTC. A Bloomberg analyst James Seyffart saw in this a new sign of ongoing talks between the firm and SEC.
Update: New Grayscale S-3/Prospectus #Bitcoin ETF filing to convert $GBTC. Right off the bat the biggest update is the plan to change $GBTC‘s ticker to $BTC (which was expected). Skimming through the rest now. pic.twitter.com/W9uNdAHLMv
— James Seyffart (@JSeyff) November 22, 2023
The agency recommended amendments to the existing documentation, the expert said.
Grayscale’s progress on the conversion question led to the discount to NAV narrowing to 9.77%, the lowest since July 2021.
For comparison, in January the figure stood at 48.31%.
The situation was sharply altered by BlackRock’s July filing for the launch of a Bitcoin ETF . Since then, Grayscale Investments’ GBTC shares have risen by 57%, the discount to NAV narrowed from 41.7% to 29.3%.
The momentum continued as the SEC did not appeal the ruling in the case against Grayscale.
At the end of August, a U.S. court granted the firm’s motion in the suit against the regulator over the regulator’s refusal to convert GBTC into a digital-gold-based ETF.
The appellate court ordered the Commission to reconsider its decision.
In October, a U.S. court officially upheld the verdict that the SEC must reconsider Grayscale Investments’ application.
In the same month, JPMorgan forecast that the firm would reduce the product’s management fee and neutralize its discount to NAV after the conversion into an ETF.
Earlier, on November 20, Grayscale’s management held a meeting with the SEC to discuss the conversion process.