Grayscale CEO Expresses Optimism As The 240-Day Application Review Process With SEC Is Approaching.
As we all know the eyes of every investor await the SEC’s decision on Grayscale’s application for the conversion of GBTC to an ETF, as shared on Monday.
As the 240-day application review process with SEC is approaching, CEO Michael Sonnenshein expressed optimism about the decision.
According to the letter written by the Grayscale CEO, revealing the works that have been put into place for the success of the Grayscale.
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The grayscale CEO stated that the company is awaiting the SEC’s decision on the Grayscale as soon as early July;
“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.”
Grayscale creates Awareness
According to the Sonnenshein, dignitaries have been contacted, to submit their comments on the proposal as required by SEC on November 2nd, 2021 to solicit comments on our proposal to convert GBTC to a spot Bitcoin ETF. Soon thereafter, the Grayscale team developed and deployed a multifaceted strategy to raise awareness about the 19b-4 filing process, rally GBTC investors, educate the general public about the importance of this issue on a national level, cultivate critical relationships in Washington, D.C., and prepare for each possible outcome of the SEC’s decision.
Presently, Over 11,400 investors, academics, business leaders, trade associations, and other key stakeholders submitted comments to the SEC in support of Grayscale’s ETF proposal. As of June 9, 2022, 99.96 percent of those comment letters were supportive of Grayscale’s case.
Recently, Sonnenshein said that Grayscale made progress and the progress is just a tip of an iceberg as revealed in the letter Sonnenshein.
Performance of GBTC and BTC
Lately, data revealed that GBTC performed worse than Bitcoin. Bitcoin dumped by 55% this year and GBTC dropped swiftly by over 63% so far.
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More also, as revealed by the letter by Sonnenshein, the Grayscale is sorting some other means in case the SEC’s decision is not in favor of the Grayscale.
And if the ETF approval comes true in July which is most thought it to be, Grayscale is well prepared, it repeated;
“GBTC is operationally ready to convert to an ETF the moment we are given the appropriate regulatory approvals. For this conversion, we have selected best-in-class partners, including BNY Mellon and EY, among others.”
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