Grayscale tweeted a proposal about approving GBTC as a Bitcoin Spot ETF that people can support by sending an email, too.
The tweet says:
— Grayscale (@Grayscale) May 9, 2022
“Supporting the approval of GBTC as a Spot #Bitcoin ETF is as easy as sending an email.”
Greyscale Investments is the parent company of Grayscale Advisors, which is a FINRA member and registered investment adviser with the SEC. It’s one of the biggest companies supporting Bitcoin and investing in it.
Securities Act of 1933 and Investment Advisers Act of 1940 apply to the investments managed by GSA, and that means it has to follow SEC rules and apply for its proposals.
Supporting the Community or Investors?
A landing page was designed and published by the company as a means of supporting the proposal. The landing page highlights the arguments supporting the conversion of GBTC to an ETF. It has been announced that, as part of the filing for the conversion of Grayscale Bitcoin Trust (Symbol: GBTC) to an ETF, the SEC grants anyone the opportunity to submit feedback during a 240-day period before the filing is finalized. The document states that people can send comments to the filing and support it. This would seem to be encouraging investors to support it.
In order for a filing to be approved, investors must submit their submissions for a variety of reasons. Currently, the SEC has only allowed ETFs that contain Bitcoin Futures, rejecting those that contain Spot or “physically-backed” Bitcoin ETFs. There should not be any reason to force investors into investing in a futures-based product simply because that’s the only one currently available only when they’ve been waiting for the familiarity and protections that a Bitcoin ETF provides. It is already the largest Bitcoin fund in the world, and it is also an SEC-reporting company voluntarily reporting to the SEC on a regular basis. Therefore, Grayscale believes investors deserve a spot Bitcoin ETF, and they should show their support now by sending emails.
A few key things will be affected by GBTC’s conversion to an ETF if it is approved by the SEC to become one. Upon uplisting from OTCQX to the New York Stock Exchange, it would trade on the New York Stock Exchange. Further, the ETF would be a more efficient way of tracking Bitcoin’s price, eliminating premiums and discounts, and Grayscale would be able to reduce the management fees associated with GBTC.
Support for the filing is easy to submit. All you need is an email and a few reasons why you support it. If you would like to submit your comments to the SEC via email, please send them to [email protected]. Ensure “File No. The subject line of the email should contain the name “SR-NYSEArca-2021-90,” and in the body of the email, they need to explain why they want GBTC to be converted to an ETF. On the landing page, there is a ready-made template that you can have a look at here.