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The US Securities and Exchange Commission (SEC) has revealed recent meetings with various asset managers to discuss their proposed spot Bitcoin exchange-traded funds (ETFs).
On November 29, the SEC’s Division of Trading and Markets members engaged in discussions with several Grayscale employees, including CEO Michael Sonnenshein, and representatives from the law firm Davis Polk. This meeting followed three previous sessions with Grayscale, dating back to 2022, with the latest occurring on November 20, 2023. Two additional meetings involved members of Grayscale’s custody partner, Coinbase.
The focus of these discussions was a proposed rule change that would permit NYSE Arca to list and trade shares of the Grayscale Bitcoin Trust (GBTC), as part of Grayscale’s intention to convert GBTC into a spot Bitcoin exchange-traded fund.
The SEC engaged in discussions with various asset managers last month, including meetings with BlackRock regarding its proposed iShares spot Bitcoin ETF on both November 28 and November 20. The discussions focused on comparisons between in-kind and cash redemption models, which play a crucial role in determining whether ETF participants will transact with cryptocurrency or cash.
Furthermore, the securities regulator disclosed a meeting with asset manager Hashdex to discuss the firm’s proposed spot Bitcoin ETF, and other SEC records indicate meetings with Bitwise, VanEck, Fidelity, and Invesco in late November regarding their respective proposals. Additionally, the agency met with 21Shares on behalf of Ark Invest’s spot Bitcoin ETF proposal around the end of the month. Notably, there is no indication that the SEC met with WisdomTree, Valkyrie, or GlobalX regarding their spot Bitcoin ETF applications.
Despite these recent meetings, the SEC has not publicly announced any plans to approve a spot Bitcoin ETF. Analysts expect the official announcement by the first half of January 2024.
Amid the excitement around the spot Bitcoin ETF, the Bitcoin price has moved past $40,000 levels for the first time in 18 months. At press time, Bitcoin is trading 5.2% up at $41,532 with a market cap of $806 billion.
Investors are growing more convinced that the Federal Reserve has concluded its series of rate hikes amid a cooling inflationary environment, shifting attention to potential reductions in benchmark borrowing costs next year. This altered landscape has sparked a rally in global markets.
In the crypto industry, anticipation looms over the outcomes of applications from entities like BlackRock Inc. seeking to launch the first US spot Bitcoin ETFs.
Recent regulatory actions have “instilled confidence among investors,” noted Su Yen Chia, co-founder of the Asia Crypto Alliance. She emphasized that Bitcoin is mirroring the momentum seen in traditional finance, particularly as expectations for further Fed rate hikes diminish.