Grayscale is currently in discussions with SEC officials regarding the transformation of GBTC, while the Ethereum futures ETF has officially been delayed.
Bloomberg ETF analyst James Seyffart stated that Grayscale Investments recently met with officials from the U.S. Securities and Exchange Commission (SEC) Division of Trading and Markets to continue seeking approval for its Grayscale Bitcoin Trust (GBTC) to be converted into a Bitcoin spot exchange-traded fund (ETF). He also "heard rumors of other potential Bitcoin ETF spot issuers meeting with the SEC around last week."
Grayscale had meetings with the SEC’s division of trading and markets yesterday (the division in charge of approving or denying 19b-4’s). Have also heard rumblings of other potential spot #bitcoin ETF issuers meeting with SEC in the last ~week or so. https://t.co/WHs5zxLqVD
— James Seyffart (@JSeyff) November 21, 2023
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Grayscale Hires BNY Mellon as Transfer Agent
Seyffart also mentioned Grayscale's collaboration with BNY Mellon in appointing BNY Mellon as the transfer agent for the trust shares.
In the issuance of funds, the transfer agent plays a crucial role in managing the shareholder register and handling the issuance, transfer, and redemption of fund shares. During the fund issuance process, the transfer agent typically works in conjunction with the fund manager to complete various tasks related to fund issuance. The transfer agent can be the fund manager itself or a third-party institution. A reputable transfer agent helps ensure the smooth progress of fund issuance, improving operational efficiency and returns for the fund.
BNY Mellon is one of the largest fund issuers in the United States, managing assets exceeding $1.9 trillion.
Bitcoin Spot ETF Has a 90% Chance of Approval
Seyffart also emphasized:
Recent events have not changed our view, and the likelihood of approval before January 10 is as high as 90%. Things are progressing forward.
Grayscale Ethereum Futures ETF Officially Delayed
However, the SEC has officially postponed the application of Grayscale's Grayscale Ethereum Futures Trust Ethereum Futures Trust, with the next review period set for January 1 next year. With nine Ethereum Futures ETFs already on the market, Grayscale's inability to secure approval for a futures-based ETF is indeed puzzling!
Nine Ethereum Futures ETFs launched! The first-day trading volume is meager, totaling less than $2 million.
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