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Grayscale Updates SEC Application for Bitcoin ETF with CEO's Resignation! - Coin Newsletter
Grayscale Investments has filed an updated version of its Spot Bitcoin exchange-traded fund (ETF) application with the SEC following the resignations of its board of directors.
Two prominent names on the board of directors of cryptocurrency-focused investment firm Grayscale Investments, Barry Silbert and Mark Murphy**, recently announced that they have resigned and will be leaving their positions as of January 1.
On the heels of this announcement, Grayscale filed a regulated S-3 application with the U.S. Securities and Exchange Commission (SEC) to convert its Grayscale Bitcoin Trust (GBTC) fund into a spot Bitcoin ETF.
According to the updated filing, Grayscale has granted the SEC's request to raise and return funds in cash only. In line with this change, transactions on the ETF can be made not only in Bitcoin but also in dollars.
The updated application submitted by the company to the regulator was interpreted as negotiations on the spot Bitcoin ETF process are ongoing and one step closer to a positive outcome.
Bloomberg's senior analysts expect the SEC to collectively approve spot Bitcoin ETF applications in January 2024. Accordingly, all applicants, including world financial giants such as BlackRock and Fidelity, are updating their files in accordance with the SEC's requests.