Grayscale, the world’s largest bitcoin-only investment vehicle, has once again attempted to convince the US Securities and Exchange Commission (SEC) to allow conversion of the Grayscale Bitcoin Trust (GBTC) into a spot exchange-traded fund (ETF).
Many and varied are the applications for a Bitcoin exchange traded fund (ETF), but despite the carefully lodged protests by some of the applicants, including Greyscale, the SEC has always denied a Bitcoin ETF, stating that investors would not be adequately protected.
According to an article in Proactive Investors, a new Grayscale appeal, termed the SEC’s refusal as “arbitrary to its core” and “illogical” given that the SEC hadn’t had a problem in approving futures ETFs. The Grayscale petition stated that the SEC’s decision should be held unlawful and set aside.
The main problem with GBTC is that the shares cannot be redeemed, leaving investors with only one option, of selling them on to a willing buyer.
Over time, the shares have
We współpracy z: https://cryptodaily.co.uk/2023/01/greyscale-appeals-arbitrary-sec-decision-to-deny-etf
