Grayscale Remains ‘Unequivocally Committed’ to Converting GBTC to an ETF

Key Takeaways: 

  • The Grayscale will complete the conversion of GBTC to an ETF.
  • The CEO re-iterates all the successful steps taken so far. 

In a letter written to investors on Monday, CEO of Grayscale Investments, Michael Sonnenshein wrote that his organization is “unequivocally committed” to getting the trust changed over. This statement comes amidst the Securities and Exchange Commission’s last deadline to settle on whether to endorse Grayscale’s application to change over its Grayscale Bitcoin Trust (GBTC) to a trade exchange reserve (ETF) approaching on July 6. 

Michael then talked about the achievements of the firm so far. He talked about the creation of a microsite along with with a corresponding QR code that served as an educational resource about their ongoing project of converting GBTC to an ETF. He also talks about the other steps taken about the same cause.  

Sonnenshein also said that notwithstanding being empowered by the SEC’s activities throughout recent months in endorsing different prospects based bitcoin ETF items, the firm is still, “preparing for all possible post-ruling scenarios”. 

The rebate between GBTC’s portion cost and the cost of bitcoin has been limited as of late from 34% to, 29%, however, most investigators and spectators are as yet not anticipating that the SEC should endorse Grayscale’s ongoing application, nor that of Bitwise’s spot bitcoin ETF, whose last cutoff time for endorsement is Wednesday, June 29.

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Shreya Bhattacharya

A journalist & writer exploring new topics every day!

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