But with zeros in my pocket.
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Grayscale executives, including CEO Michael Sonnenshein, met with the SEC on Nov. 20 to discuss details of its flagship GBTC, which the asset manager wants to turn into a spot Bitcoin ETF.
The discussions “concerned NYSE Arca, Inc.’s proposed rule change to list and trade shares of the Grayscale Bitcoin Trust (BTC) under NYSE Arca Rule 8.201-E.”
Bloomberg ETF analyst James Seyffart shared that Grayscale entered a Transfer Agency and Service Agreement with BNY Mellon, which will act as the agent for its GBTC, facilitating the issuance and redemption of shares and maintaining shareholder accounts.
Seyffart added Grayscale’s agreement with BNY Mellon was “likely something that was always going to be required at some point” and isn’t an indicator that the GBTC will soon be converted.
The meeting follows a U.S. appellate court issuing a mandate in October for the SEC to review its decision to deny Grayscale’s bid to convert the GBTC to a spot ETF.