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Grayscale to Make Changes to Accomodate Bitcoin ETF Approval
Manager of the Grayscale Bitcoin Trust (GBTC), Grayscale is currently updating its trust agreement as the wait for spot Bitcoin exchange-traded funds (ETFs) enters top gear. That is according to a Wednesday filing by the company. However, the move is Grayscale’s first such in as long as five years, signalling a significant moment in the company’s history.
Per the filing, Grayscale is looking to update the structure of GBTC to put it in a good position to receive the green light for a spot Bitcoin ETF. Moreover, it also wants to ensure that it has equal chances with the likes of top spot Bitcoin ETF applicants such as asset management giant BlackRock.
The Grayscale Updates
Grayscale’s trust agreement update proposes two major changes which will be decided by shareholder vote. Firstly, it seeks to modify its fee structure. Grayscale wants to go from charging its fees monthly to daily fees.
According to a compa
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