Grayscale Met With The SEC, Tried To Convince Them To Turn The GBTC Into An ETF
2022年5月13日 - 01:00AM
NEWSBTC
Will GBTC get to become the first US-based spot bitcoin ETF? The
euphoria from six months ago turned into Grayscale hinting that it
might sue the SEC if its request is denied. Currently, the climate
dictates that the answer will probably be negative, but the company
is not giving up. According to CNBC, Grayscale “met privately with
the Securities and Exchange Commission last week in an effort to
persuade the regulator to approve the conversion of its flagship
fund into an ETF.” Related Reading | Grayscale Removes Bancor (BNT)
And Universal Market Access (UMA) From Its DeFi Fund The Grayscale
Bitcoin Trust, also known as GBTC, “holds roughly 3.4% of the
world’s bitcoin and is owned by more than 850,000 U.S. accounts,
according to Grayscale.” For more than a year it has traded at
around a 25% discount to BTC’s price. According to Grayscale, at
the moment that the SEC approves the product’s transformation into
an ETF, the discount will end and it will unlock “up to $8 billion
in value for investors.” Take into account that VanEck’s,
BlockFi’s, and other recent applications for a spot bitcoin ETF
have been rejected. And that Grayscale has been applying to get one
since 2017. This time around, the SEC has until July 6th to approve
or deny the GBTC application. What Would Happen If The GBTC Turns
Into An ETF To answer this question, Grayscale made “a 24-page
presentation” for the SEC. Some graphs from the document are in the
CNBC report, although in low resolution. In general, the GBTC’s
transformation into a spot bitcoin ETF “would open them up to
ordinary investors in a familiar wrapper that trades like a
stock.” The main argument from Grayscale is that a bitcoin
futures ETF already exists, and the “SEC is discriminating against
issuers” by not letting any company create a spot bitcoin ETF. “
Grayscale contended that a spot bitcoin ETF is “no riskier” than
futures-based ETFs, because the two markets are both affected by
the underlying price of bitcoin and track each other closely.” Back
in April Grayscale’s CEO, Michael Sonnenshein, felt more litigious
when he said: “If the SEC can’t look at two like issues, the
futures ETF and the spot ETF, through the same lens, then it is, in
fact, potentially grounds for an Administrative Procedure Act
violation.” The SEC visit and the threat of legal action have not
been Grayscale’s only weapon. According to CNBC, to help transform
the GBTC into an ETF, “the investment firm has helped coordinate a
public letter-writing push, flooding the SEC with more than 3,000
letters in support of its application.” GBTC price chart on FTX |
Source: GBTC/USD on TradingView.com How Would A Spot Bitcoin ETF
Affect The Market? Opinions vary. There are institutions that can’t
invest in bitcoin as an asset, but could definitely put their money
in an ETF. Some believe that the sudden influx of funds that these
people would bring would send bitcoin’s price to the moon. Unlike a
future ETF which only holds future contracts, a spot ETF would have
to buy the bitcoin it’ll represent. So, the money would definitely
enter the bitcoin ecosystem. Related Reading | SEC, Ripple Agree To
Extend Legal Battle Until 2023; XRP Bears The Brunt Of Case On the
other hand, Bitcoiners don’t see what they deem as “paper bitcoin”
with good eyes. The financial instrument would represent bitcoin,
but the ETF isn’t the asset per se. This brings forth certain
vulnerabilities to the bitcoin network. The “paper bitcoin” could
be considered inflation and something akin to fractional reserve
banking is technically possible. In any case, neither group has the
finger on the trigger. The SEC and only the SEC does. Featured
Image by Aymanejed on Pixabay | Charts by TradingView
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