Grayscale “committed” to receiving GBTC approval from SEC

Grayscale CEO Michael Sonnenshein wrote a letter to investors today to announce that the company is “unequivocally committed” to getting the Grayscale Bitcoin Trust (GBTC) converted to an exchange-traded fund (ETF) ahead of the Securities and Exchange Commission (SEC)’s final deadline on Wednesday, July 6.

After what seems like a long-haul battle for Grayscale, the SEC’s final decision will be made next week on whether to approve the cryptocurrency asset management firm’s request to covert its fund into an ETF.

Sonnenshein’s letter to the investors explained the steps the company had taken to warrant the right to conversion.

Such steps included creating “strategic partnerships,” a “microsite with a corresponding QR code to serve as an educational resource about our efforts to convert GBTC to an ETF,” a “major campaign to drive people to the microsite—taking over billboards from D.C. to NYC, digital signage in airport lounges throughout the country, and print advertising in national newspapers.” 

And “one-on-one meetings to build relationships with influential policymakers, decision-makers, and thought leaders. We met with former regulators who provided insight regarding our engagement with the SEC,” to name a few.

It has been said that many still believe that the SEC will not grant Grayscale the permission needed for its much-wanted EFT. For months the company have pushed for the green light to convert its crypto investment firm’s $40bn bitcoin (BTC) trust. 

Sonnenshein allegedly said he would sue the SEC if it did not grant the correct approval, according to Bloomberg.

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Updated: 06/27/2022 — 15:00