Grayscale starts the clock on SEC decision to convert GBTC to an ETF

NYSE Arca has filed to list Grayscale's proposed bitcoin exchange-traded fund, starting the clock on a decision from the Securities and Exchange Commission (SEC).

Grayscale was said to be ramping up its efforts to convert its flagship fund, the Grayscale Bitcoin Trust (GBTC), into an ETF this July. It announced it would offload fund account and administration functions to BNY Mellon in October. At the time, CEO Michael Sonnenshein said engaging BNY Mellon was an important milestone for converting the trust.

In February, Sonnenshein told The Block during a podcast recording the firm planned to " register and uplift GBTC onto a national securities exchange as a bonafide ETF."

To that end, it has also hired