Grayscale inches closer to spot Bitcoin ETF with ‘constructive’ SEC dialogue

Sonnenshein commented on current interactions with regulators, stating:

“… What you’ve seen now over the last few weeks is our team putting in the appropriate filings in front of the [U.S. Securities and Exchange Commission] … with all the required documents that would support us moving towards that uplisting on NYSE.”

Sonnsenshein specifically said that Grayscale’s S-3 filing — a securities registration form that is used by companies that have already met other reporting requirements — has allowed the company to have a “constructive dialogue” with the SEC.

Approval seems likely, but not immediate

Sonnenshein also told Bloomberg that Grayscale is “operationally ready” to operate its GBTC fund as an ETF immediately and said that it has made that fact known to the SEC.

Despite that positive statement, it does not appear that the SEC is about to approve Grayscale’s ETF proposal. When asked about a possible timeline for approval, Sonnenshein said that “timelines are certainly not something that has been discussed.”‘

Sonnenshein’s statement implies that Grayscale’s ETF will not be among the proposals approved over the coming days, if indeed any fund is approved. Grayscale’s fund could nevertheless be individually approved later than the collective deadline on Nov. 17.

Separate reports from Coindesk quote optimistic statements Grayscale CLO Craig Salm, who said that Grayscale is engaged with the SEC’s division of Trading and Markets. Salm added that approval of the fund is now “a matter of when, not a matter of if.”