ADVOCATE
TO CONVERT
GBTC TO AN ETF
As part of our filing to convert Grayscale Bitcoin Trust (Symbol: GBTC) to an ETF,* the SEC provides a 240-day review period for anyone to submit comments for consideration.
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Why your
submission matters
Why your submission matters
Level the playing field
To date, the SEC has only permitted Bitcoin Futures ETFs, while rejecting “physically-backed” or Spot Bitcoin ETFs.
The choice should be yours
If you’ve been waiting for the familiarity and protections of a Bitcoin ETF, we believe you should not be forced into a Futures-based product simply because it’s the only one that exists.
Help take GBTC to the next level, conversion to an ETF
It’s already the world’s largest Bitcoin fund and regularly reports to the SEC on a voluntary basis as an SEC-reporting company.
Investors deserve a Spot Bitcoin ETF – it’s time to make your voice heard.
How to submit
your comment
What this could
mean for GBTC
If GBTC is approved to convert to an ETF by the SEC, a few key things would change:
It would uplist from OTCQX to the New York Stock Exchange
The ETF would more efficiently track the price of Bitcoin, effectively eliminating premiums and discounts
Grayscale would reduce management fees for GBTC
Timeline of key milestones
October 19, 2021
to convert GBTC to an ETF
Attorneys at Davis Polk submit a comment letter to the SEC on behalf of GBTC, presenting a new argument in favor of the Spot Bitcoin ETF
December 2021
SEC Commissioner Hester Peirce speaks out echoing support for Spot Bitcoin ETFs:
“I can’t believe we’re still talking about this as if, you know, we’re waiting for one to happen,” Peirce said. “We’ve issued a series of denials even recently, and those continue to use reasoning that I think was outdated at the time.”
Attorneys at Davis Polk submit an additional comment letter to the SEC on behalf of GBTC, presenting another new argument in favor of the Spot Bitcoin ETF
June 14, 2022
In a speech, SEC Commissioner Hester M. Pierce declares her view that, “It is time for the Commission to stop denying categorically spot crypto exchange-traded products.”
June 21, 2022
An ETF offering inverse exposure to Bitcoin’s price starts trading on the NYSE.
June 29, 2022
The SEC denies Grayscale’s application to convert GBTC to an ETF. Grayscale initiates litigation.
