Grayscale Meets with SEC to Discuss Spot Bitcoin ETF Details

The management team at Grayscale met on November 20 with representatives from the US Securities and Exchange Commission to discuss plans to convert GBTC into a spot Bitcoin ETF.

According to documents, the meeting included Grayscale CEO Michael Sonnenschein, general counsel Craig Salm, director of exchange-traded funds Dave LaValle, four other top managers, and representatives from Davis Polk law firm.

The discussions focused on NYSE Arca’s proposed change to the listing and trading rules for GBTC shares in compliance with Regulation 8.201-E.

Bloomberg stock analyst James Seyffart observed that Grayscale also discussed signing a fund servicing agreement with BNY Mellon bank, which will act as a counterparty for GBTC’s shares.

However, Seyffart noted that the agreement does not include a launch date.

He maintains his previous prediction of a 90% probability of a spot ETF based on the first cryptocurrency being approved by January 10.