Grayscale CEO: The SEC should approve multiple spot Bitcoin ETFs and allow the conversion of GBTC

2023-12-19 09:45:45

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ChainCatcher news, according to Bloomberg, Grayscale CEO Michael Sonnenshein stated in an interview that the U.S. SEC should approve multiple Bitcoin spot ETFs simultaneously, along with the conversion of GBTC. He noted that if the agency does not allow the conversion of GBTC while approving other spot Bitcoin ETFs, investors in GBTC will be at a significant disadvantage.

He stated, "I believe the SEC should and indeed wants to create a fair competitive environment. We have consistently advocated in public that when the SEC is ready to approve the listing of spot products, it should immediately approve all issuers that are operationally ready to launch." Sonnenshein added that Grayscale is ready to launch GBTC and reiterated that once GBTC starts trading as an ETF, it will reduce its fees. The current fee rate for the trust is 2%.

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Grayscale spot Bitcoin ETF GBTC SEC

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