Grayscale has “finally surrendered” to cash creations in its amended filing to convert GBTC into a spot Bitcoin ETF.
Crypto asset manager Grayscale lodged an amended S-3 filing with the United States securities regulator on the same day Barry Silbert — the CEO of its parent company Digital Currency Group — announced his resignation from Grayscale’s board of directors.
Some crypto market commentators speculate that Silbert’s departure could significantly increase the odds that Grayscale will successfully convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, currently awaiting a decision from the Securities and Exchange Commission.
“Despite all other spot commodity ETFs operating with in-kind models, this must be done in a novel way via cash and who knows if that will work,” wrote Johnsson.
