Grayscales Files Updated Spot Bitcoin ETF Application with US SEC after Binance’s Forced Exit

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Grayscales Files Updated Spot Bitcoin ETF Application with US SEC after Binance’s Forced Exit
After the United States Department of Treasury purged Binance Holdings Ltd’s operations in the country, the pathway for spot Bitcoin exchange-traded funds (ETFs) was clear. Around the same time, Grayscale Investments, a digital asset management company owned by Digital Currency Group (DCG), was preparing to update its application with the US SEC.  According to a memo from the US SEC, several of Grayscale’s top executives led by Chief Executive Officer Michael Sonnenshein met with the agency on November 20 to discuss the necessary changes needed on the original filing to ensure the approval of the application. Two days after the meeting, Grayscale Investments filed an updated application with the US SEC to convert its Grayscale Bitcoin Trust (OTC: GBTC) to a spot Bitcoin ETF.
Closer Look at the Grayscale Bitcoin Trust
Grayscale Investment is one of the early adopters of Bitco

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