Grayscale CTO Craig Salm sparked excitement in the crypto community with a new tweet that read, "dotting some i's and crossing some t's."
The race for a Bitcoin exchange-traded fund, which has been going on for over a decade, is getting closer than ever as a major deadline approaches.
Expectations appear to be rising, with Bitcoin already reaching fresh-year highs around $47,000. In trading on Monday, Bitcoin reached a high of $47,330, a level not seen since April 2022.
Grayscale is now awaiting a decision from the Securities and Exchange Commission (SEC) on whether to list its GBTC trust as an ETF, and it has made some last-minute amendments.
According to fresh reports, Grayscale has filed the fifth amendment to its spot Bitcoin ETF with the SEC, as well as an amended S-3/A. Additionally, ARK Invest and 21Shares have filed an amended Form S-1 for a spot Bitcoin ETF.
According to an amended S3 filing on Monday, Grayscale, which has over $27 billion in assets under management (AUM), reduced its 2% management fee to 1.5% as part of its proposed uplift to a spot Bitcoin ETF.
Grayscale CEO Michael Sonnenshein wants the U.S. Securities and Exchange Commission to approve numerous spot Bitcoin ETFs at the same time, according to a Bloomberg report in December. It should be recalled that Grayscale won a key victory against the SEC last year in its attempts to turn its Bitcoin trust into an ETF.
Meanwhile, the discount on Grayscale Bitcoin Trust (GBTC) has dropped to its lowest level since April 2021, ahead of the fund's anticipated conversion to a spot Bitcoin exchange-traded fund (ETF).