Grayscale Gears Up for Spot Bitcoin ETF, Updating Trust Agreement for Sake of ‘Operational Efficiencies’
Summary
Grayscale, the manager of Grayscale Bitcoin Trust (GBTC), is planning to update the trust's agreement for the first time since 2018, aiming to optimize GBTC's structure for an expected uplisting to a bitcoin exchange-traded fund (ETF). It involves two proposed changes allowing daily payable fees and commingling of assets for smooth share processing. These adjustments are part of Grayscale's anticipation of the US Securities and Exchange Commission's potential approval of several spot bitcoin ETFs. Shareholders have 20 days from the filing to vote on these proposals.
