Grayscale’s application to convert its Bitcoin Fund into an exchange-traded fund is expected to be decided upon by the SEC before Christmas, according to a regulatory filing.
The Notice of Filing for the conversion of the fund is expected to either be approved or rejected by the Securities and Exchange Commission by December 24.
The asset management firm is seeking for its GBTC to be converted into an ETF, which has already been received by the corporate regulator. A decision is expected within 45 days.
Should it be approved, the GBTC is expected to attract more investors, but the date of the hearing has yet to be confirmed by either side and could still face postponements or delays.
The filing was made after the approval of the United States’ first futures-backed Bitcoin ETF of ProShares. GBTC is down 1.46%, BITO down 0.87%, and BTC up 0.74%.