Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

One of the biggest asset managers Grayscale Investments, led by CEO Michael Sonnenshein, is paving the way for a potential conversion of its <a href="https://news.todayq.com/everything-about-grayscale-bitcoin-trust-gbtc-lets-understand/">Grayscale Bitcoin Trust</a> (GBTC) into a spot Bitcoin exchange-traded fund (ETF). In this ongoing potential approval of ETF, the trust’s agreement is undergoing its first update since 2018, as revealed in a recent filing. Strategic modifications in Grayscale Bitcoin Trust (GBTC) 
The primary objective of these modifications is to streamline GBTC’s structure in preparation for an expected uplisting to a spot bitcoin ETF. This strategic adjustment aims to level the playing field among competitors, including industry giant BlackRock. 
The proposed changes, subject to shareholder voting, contain two key aspects: 
<ul> 
 <li>Fee structure adjustment: Grayscale proposes a shift from monthly to daily fee payments, introducing operational flexibility without reducing fees. Currently charging a 2% management fee for GBTC which is a drawback, Grayscale acknowledges the industry norm for awaiting spot bitcoin ETF approval ranges from 0.7% to 1%, according to analysts.</li> 
 <li>Enhanced asset handling: The second update permits assets to be mixed in an omnibus account manner, a mechanism that streamlines the creation and redemption of shares. This innovation, akin to Coinbase Custody’s service, is also adopted by BlackRock iShares and other spot ETF applicants.</li> 
</ul> Spot Bitcoin ETF potential approval 
As the U.S. Securities and Exchange Commission (SEC) is expected to <a href="https://news.todayq.com/grayscales-spot-bitcoin-etf-nears-approval-as-the-sec-stays-silent/">greenlight several spot bitcoin ETFs</a> in quick time, competition among applicants intensifies. The first-mover advantage looms large, prompting Grayscale to position GBTC strategically. 
A spokesperson for Grayscale highlighted, “Grayscale has outlined proposed amendments to GBTC’s Trust Agreement to provide operational efficiencies beneficial to both Grayscale and GBTC.” Importantly, GBTC stands poised to uplist as a spot Bitcoin ETF to NYSE Arca pending regulatory approvals. In the dynamic landscape of crypto ETFs, Grayscale’s proactive approach reflects the industry’s anticipation of forthcoming regulatory decisions and the race for a significant market share. 
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Grayscale updates Bitcoin Trust agreement ahead of ETF approval

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