Grayscale and SEC in Talks: GBTC Set to Become a Bitcoin ETF!

Published by

Qadir AK

November 9, 2023

In a major move, Grayscale, a big name in crypto investments, is in talks with the SEC to turn its GBTC trust into a full Bitcoin ETF. This switch from trust to ETF could shake up how we invest in digital assets.

If approved, this would be the first-ever spot Bitcoin ETF in the United States, opening up new avenues for investors to gain exposure to the world’s most popular cryptocurrency.

But will the SEC give the green light?

Bridging the Gap in Crypto

Grayscale, a key player in crypto, has been chatting with the SEC about its GBTC product. They’re trying to figure out how to turn it into an ETF tied to Bitcoin. While past tries by other companies got stuck with the SEC, these talks suggest the SEC’s boss, Gary Gensler, might be changing his mind.

Craig Salm, Grayscale’s legal advisor, is keeping the details under wraps, hinting at a serious and complicated conversation. The talks are tricky, pointing to a big change coming in the world of cryptocurrency.

This news is making waves in the crypto community, coming at the same time as other big players like Ark Invest and 21Shares gear up to launch their digital asset ETFs. These ETFs will dive into Bitcoin and Ethereum futures and blockchain-focused public stocks, making a splash, especially on the Chicago Board Options Exchange.

Bitcoin Price Analysis

Meanwhile, Bitcoin is having its moment in the spotlight, briefly going past the $36,000 mark—a high we haven’t seen this year. Even though it’s not tied to the SEC-Grayscale talks, Bitcoin is moving carefully on an upward path, making investors keep a close eye.

Looking ahead

Tools like the Relative Strength Index suggest a possible slowdown in buying. But if investors push through, we might see a big jump in value, maybe hitting $40,000 to $45,000.

On the other hand, if Bitcoin drops below $34,400, investors might decide to take their profits, possibly going back to lower levels. Right now, things look hopeful, but in the unpredictable crypto world, everything could change. As Grayscale talks with the SEC, the crypto community is on the edge, ready for a possible game-changer.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.