The SEC stands to get 75 days to review the application, once it's made.
Grayscale Investments to apply to convert the global largest BTC fund into a spot exchange-traded fund (ETF) mid this week, as reported CNBC, citing an individual knowledgeable with the matter.
While Grayscale's had not indicated an exact date when they intended on filing, the world's leading virtual asset manager has made it public that he intends to pursue compliance for a spot BTC-based ETF the moment it's cleared by the Securities and Exchange Commission (SEC). That authorization occurred on Friday.
Grayscale's ETF would be supported by real units of the crypto, not just connected through derivatives contracts like futures. In case the proposal is approved, it would be another milestone for the leading crypto as a certified investible asset.
Still, some experts are skeptical and anticipate that the $38.7 billion Grayscale Bitcoin Trust (GBTC), whose shares so far trade in public stock markets, stand no chance of getting validation anytime soon for its plan of action to convert into an ETF supported by the crypto.
Once Grayscale has made the filing, the SEC will have 75 days to make a review.