The world’s largest digital belongings supervisor Grayscale continues to push the envelope additional for getting its spot Bitcoin ETF again available in the market. On Tuesday, November 21, Grayscale engaged in discussions with the SEC and revealed the execution of a Transfer Agency and Service Agreement with BNY Mellon for its spot Bitcoin ETF.
Grayscale Meets the SEC
On November 20, a memo from the SEC revealed that Grayscale executives, together with CEO Michael Sonnenshein, held discussions with the SEC’s division of buying and selling and markets. The assembly targeted on the proposed rule change by NYSE Arca, Inc. to record and commerce shares of the Grayscale Bitcoin Trust (BTC) below NYSE Arca Rule 8.201-E.
Grayscale subsequently disclosed the execution of a Transfer Agency and Service Agreement with BNY Mellon, as per a submitting shared by Bloomberg ETF analyst James Seyffart. BNY Mellon will function the agent for Grayscale Bitcoin Trust (GBTC), managing the issuance and redemption of shares and overseeing shareholder accounts.
Scott identified the Transfer Agent settlement with BNY Mellon in $GBTC‘s 8K at the moment as a result of he apparently has eyes in all places. That mentioned, this settlement is probably going one thing that was all the time going to be required sooner or later. Says nothing about timing IMO https://t.co/8eIYNMWzzw
— James Seyffart (@JSeyff) November 21, 2023
In a November 21 Twitter submit, Seyffart famous that the buying and selling and markets division is answerable for approving or denying 19b-4s—a type used to tell the SEC of a proposed rule change by a self-regulatory group. He clarified that the settlement with BNY Mellon is probably going a requirement and doesn’t essentially point out an imminent conversion of GBTC.
The assembly with the SEC comes inside per week of the securities regulator delaying the decision on spot Bitcoin ETF additional.
When Is Bitcoin ETF Coming? Will Grayscale Dominate
James Seyffart shared his perspective on latest occasions, stating that regardless of inquiries, the percentages, at the side of Eric Balchunas, stay unchanged and can’t exceed 90% by January tenth. However, Seyffart famous that, of their view, developments are nonetheless progressing positively.
On the opposite hand, crypto mother and SEC Commissioner Hester Pierce additionally shared her ideas on future developments. Speaking with Bloomberg TV correspondent Sonali Basak, Pierce mentioned that “There’s no reason for us to stand in the way of Bitcoin ETF”.
She added that the Graysscale’s victory over the SEC for changing its GBTC product to a spot Bitcoin ETF gave them a little bit of a nudge to positively suppose on this path. However, she remained tight-lipped over whether or not the SEC is contemplating approving all Bitcoin ETF purposes directly.
Earlier @kaileyleinz & @sonalibasak requested SEC commissioner @HesterPeirce some nice questions on ongoing conversations on the SEC associated to spot #bitcoin ETFs. She largely could not reply them however she hinted that the @Grayscale courtroom case doubtless gave the SEC a little bit of a nudge pic.twitter.com/qBOvJW2SLY
— James Seyffart (@JSeyff) November 21, 2023
Grayscale stands a real probability to guide within the ETF sector if it will possibly efficiently switch GBTC to NYSE Arca concurrently with different issuers launching spot BTC ETFs. This, coupled with a targeted technique to compete on charges, might place Grayscale for dominance, in keeping with ETF Store President Nate Geraci.
Geraci talked about that Grayscale is poised to enter the market with $20 billion in belongings below administration from day one, even with the presence of BlackRock. Bloomberg expects the Bitcoin ETF market, to be a $100 billion market. Thus, Grayscale may very well be having a lion’s share on this.
The introduced content material might embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.
