фото показано с : bitcoinmagazine.com

Grayscale has signed on two leading market makers to serve as authorized participants in its upcoming spot bitcoin ETF, pending SEC approval.

Grayscale Investments announced it will work with market-makers Jane Street and Virtu Financial as authorized participants for its spot bitcoin exchange-traded-fund (ETF), if it is approved.

Should the Securities and Exchange Commission (SEC) approve Grayscale’s application to convert its Bitcoin Trust ($GBTC) into an ETF, then both of the market-makers will be capable of creating and redeeming shares of the ETF. However, this intended partnership hinges on the SEC coming to a decision regarding Grayscale’s application, which currently has a deadline of July 6, 2022.

Ahead of the July deadline, CEO of Grayscale Michael Sonnenshein released an open letter to investors of the fund addressing concerns surrounding the upcoming decision. Sonnenshein also reminded Grayscale investors of the steps the company has taken to ensure proper compliance.

“Grayscale is unequivocally committed to converting GBTC to an ETF. We have left no stone unturned,” Sonnenshein stated. “We have leveraged the full resources of the firm behind this effort and, in true Grayscale fashion, we will always operate in the best interests of our investors.”

Thus far, Grayscale announced its intention to convert the fund into an ETF in April of 2021. Then, the company formally submitted a request later that year in October. The decision, which was expected to take less than two weeks, is now approaching its 240-day deadline. One SEC commissioner has referred to this continued delay and refusal to accept a spot bitcoin ETF by the SEC “legendary.”

Therefore, Grayscale has taken extra efforts to ensure that the fund is prepared to litigate any further delays by hiring one of the top legal minds from President Obama’s administration.

Bitcoin price in Telegram @btc_price_every_hour

244 +