Grayscale investors have sent nearly 200 letters to the SEC asking for GBTC to be converted into a spot Bitcoin ETF.
The world’s largest Bitcoin fund Grayscale’s spot Bitcoin ETF application has been rejected by the SEC for a long time. GBTC investors, on the other hand, sent nearly 200 letters to the institution, saying that they did not feel safe.
According to the news reported by Bloomberg, the US Securities and Exchange Commission (SEC) received 170 letters from GBTC investors in February alone. Grayscale CEO Michael Sonnenshein also reached out to investors and encouraged them to send letters to the SEC regarding the conversion of their funds into an ETF. The CEO said investors have been hugely supportive of the transformation thus far:
“For us, these letters reflect what we’ve been saying for a long time at Grayscale and continue to do so today. Investors are patient and deserve a spot Bitcoin ETF.”
As it is known, the SEC continues to keep its distance from a spot Bitcoin ETF as such products continue to spread around the world. The agency has rejected or delayed ETF applications from several leading financial services institutions in recent months.
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