Even as investors anticipate the SEC’s decision on Grayscale’s application to convert GBTC to an ETF, it shared an update on Monday. As the 240-day application review process with SEC is approaching, CEO Michael Sonnenshein expressed optimism about the decision.
Expecting SEC Decision On GBTC Soon
The Grayscale CEO said the firm was expecting SEC’s decision as soon as early next month.
“We anticipate a decision from the SEC by early July, and you’ll be hearing from the Grayscale team with more information as it becomes available. Grayscale is unequivocally committed to converting GBTC to an ETF. We have left no stone unturned.”
Sonnenshein said Grayscale made progress in the recent times and that the process is only beginning. He recalled that earlier, the regular talk was around identity of Grayscale and Bitcoin’s credentials. Now, the converstaions are around Bitcoin halving, and topics like miner concentration, hashrate, and transactional throughput on the network, he explained.
Recent data showed GBTC performed worse than Bitcoin. Based on Bitcoin’s dump by about 55% this year, data revealed GBTC plummeted over 63% so far.
