SEC rejects Grayscale’s bid to convert GBTC to a Bitcoin ETF

The Securities and Exchange Commission (SEC) has denied Grayscale’s proposal to convert its flagship product into a spot-bitcoin exchange-traded fund (ETF).

The securities regulator issued a rejection order for the conversion of Grayscale’s Bitcoin Trust (GBTC) today after repeated extensions on the application. The SEC has yet to allow a spot-bitcoin ETF to list, though it’s green-lit multiple futures-based products.

Source: SEC rejects Grayscale’s bid to convert GBTC to a Bitcoin ETF