Bitcoin ETF

Bitcoin

Spot

Grayscale Bitcoin Trust

Amidst Grayscale’s leadership reshuffle, the crypto asset investments management firm has resubmitted its spot Bitcoin ETF application. Precisely, Barry Silbert the CEO of Digital Currency Group (DCG)&nbsp;announced his resignation from Grayscale’s board of directors on December 26.&nbsp;
Consequently, DCG’s Chief Financial Officer, Mark Shifke has been appointed as the new chairman of the board at Grayscale. On the same day of Silbert’s resignation, the company submitted an amended S-3 filing with the United States Securities and Exchange Commission (SEC).
<h2 id="b-silbert-departure-to-influence-spot-bitcoin-etf-decision-b-span-style-font-weight-400-span">Silbert Departure to Influence Spot Bitcoin ETF Decision&nbsp;</h2>
There are already suspicions that Silbert’s departure will positively influence Grayscale’s chances of bagging approval for its spot Bitcoin ETF filing. Notably, Grayscale plans to convert its Grayscale Bitcoin Trust (GBTC) to a physically-backed product; an ETF. In the meantime, the asset manager is waiting for a decision from the SEC.&nbsp;
Lumida Wealth CEO Ramah Luwalia suspects that Silbert’s resignation may be a premeditated move by him. In his opinion, Luwalia believes that the DCG CEO decided to boost the odds of obtaining approval from the securities regulator. Recall that <a href="https://thecoinrise.com/gemini-threatens-legal-action-against-dcg-and-barry-silbert/" rel="noopener noreferrer nofollow">there is an ongoing investigation of Silbert and DCG</a> owing to its involvement in Gemini’s Earn program which crashed.
Similar to Lumida Wealth CEO’s thoughts, Adam Cochran, a partner at crypto venture capital firm Cinneamhain Ventures thinks that <a href="https://twitter.com/adamscochran/status/1739766079017066867?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1739766079017066867%7Ctwgr%5Ea2cc37a370566b849c204483142835183071060d%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fgrayscale-bitcoin-etf-application-barry-silbert-departure" rel="noopener noreferrer nofollow">the resignation was an agreement between Grayscale and the SEC</a>.&nbsp;
<h2 id="b-sec-mandates-cash-create-redemption-model-b">SEC Mandates Cash Create Redemption Model&nbsp;</h2>
Beyond the speculations about foul play between the regulator and Silbert, it is worth noting that the recent S-3 filing from Grayscale shows that the asset manager has finally decided to adopt the “cash create” creation and redemption model for the pending ETF.&nbsp;
This comes after the <a href="https://thecoinrise.com/sec-set-deadline-for-s-1-spot-bitcoin-etf-amendment-filing/" rel="noopener noreferrer nofollow">SEC mandated every ETF filer to submit the final amendment</a> of their spot Bitcoin ETF application on or before December 29 adding that “the filings cannot mention in-kind creation or they will be rejected.”
<h2 id="b-grayscale-and-sec-spot-bitcoin-etf-meeting-b">Grayscale and SEC Spot Bitcoin ETF Meeting&nbsp;</h2>
Before this general announcement, Grayscale has had several meetings with the securities agency. Some sources believe that there have been up to nine meetings between both entities in the last few months.
In one of <a href="https://thecoinrise.com/sec-in-talks-with-grayscale-over-its-spot-bitcoin-etf-bid/" rel="noopener noreferrer nofollow">these meetings which was held in November</a>, Grayscale discussed the execution of a Transfer Agency and Service Agreement with BNY Mellon for its spot Bitcoin ETF. A decision on the numerous spot Bitcoin ETF filings that the SEC has received is expected within the next two weeks.
The post <a href="https://thecoinrise.com/grayscale-resubmits-spot-bitcoin-etf-as-barry-silbert-resigns/" rel="noopener noreferrer nofollow">Grayscale Resubmits Spot Bitcoin ETF as Barry Silbert Resigns</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Grayscale Resubmits Spot Bitcoin ETF as Barry Silbert Resigns

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