Grayscale — crypto hedge fund, replied to the Securities and Exchange Commision (SEC) in its latest filing in which its lawsuit challenged the SEC’s decision to deny its application to convert GBTC to a spot Bitcoin ETF.
NEW TODAY: Read about our latest filing in our lawsuit challenging the SEC’s decision to deny our application to convert $GBTC to a spot #bitcoin #ETF: https://t.co/d7XdCtqYbI
— Grayscale (@Grayscale) January 13, 2023
Grayscale replied to a brief filed by the SEC last month, in which the hedge fund says that converting the Grayscale Bitcoin Trust (GBTC) into a spot BTC ETF would greatly benefit traders by unlocking value. This will also increase investor protections.
Grayscale noted in the GBTC lawsuit that “For more than 850,000 investors, converting GBTC to a spot Bitcoin ETF would unlock over $4 billion of value by providing the regulatory relief necessary for the product to simultaneously create and redeem shares, thereby enabling arbitrage to address b
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