Michael Sonnenshein, CEO of crypto asset management firm Grayscale, said legal action against the SEC is likely if the firm’s application to convert GBTC, a bitcoin trust GBTC into a bitcoin ETF, is rejected by the SEC.
As previously reported, Grayscale had submitted an application to the SEC to convert GBTC into a Bitcoin spot ETF through NYSE Arca in October last year.
If the application is officially approved, the positions of GBTC share holders will be automatically converted to equivalent spot ETFs.
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