Grayscale has updated the agreement to optimize its conversion into a Bitcoin (BTC) spot ETF.
The corresponding document appeared on the website of the United States Securities and Exchange Commission (SEC). The fund also wants to level the playing field when it comes to other suitors, such as asset management giant BlackRock.
The first change allows customers to pay the daily rates that Grayscale charges monthly. This is a structural adjustment and is not part of any rate reduction. Grayscale currently charges a 2% management fee for GBTC.
The second update allows assets to be grouped into a single account. This will allow for more seamless creation and redemption of shares, the core processing mechanism of ETFs.
Recently, representatives of the SEC held negotiations with Grayscale. The discussions were related to converting GBTC into a spot Bitcoin ETF.
Bloomberg ETF analyst James Seyffart indicated that BNY Mellon will act as an agent for GBTC, facilitating the issuance and redemption of shares and maintaining shareholder accounts.
Despite many negotiations and initiatives related to Bitcoin spot ETFs, the SEC has yet to make a decision on numerous applications for funds.
In anticipation of rapid approval of applications, BTC is updating its yearly highs. On November 29, the first cryptocurrency crossed the $38,000 level. However, at the time of writing, Bitcoin is trading at $37,934.
