Grayscale Investments is currently negotiating with the US Securities and Exchange Commission (SEC) on converting its GBTC trust into a spot Bitcoin ETF.
The company is in communication with two divisions of the regulator – the Trade and Markets Department and the Corporate Finance Department – in order to obtain approvals for the necessary documents.
This comes after the asset manager previously sued the SEC in June for rejecting its application to convert the trust.
The court has since granted Grayscale’s request and ordered the SEC to reconsider their decision. However, Grayscale’s head of legal, Craig Salm, stated that there are still some details that need to be worked out before the conversion can occur.
The company plans to list the spot GBTC on the NYSE Arca exchange and begin producing the product on a regular basis once they receive approval for the required forms.