Grayscale has “finally surrendered” to cash creations in its Resubmits application to convert GBTC into a spot Bitcoin ETF.
On the same day that Barry Silbert, the CEO of Grayscale’s parent company Digital Currency Group, announced his resignation from Grayscale’s board of directors, Grayscale filed an amended S-3 filing with the US Securities and Exchange Commission.
Some crypto market commentators believe Silbert’s departure will increase the likelihood that Grayscale will successfully convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, which is currently awaiting a decision from the Securities and Exchange Commission.
Source: Ram Ahluwalia CFA, Lumida
Lumida Wealth CEO Ramah Luwalia, Silbert’s resignation was most likely voluntary in order to improve the chances of the ETF’s approval — owing in large part to the SEC’s ongoing investigation into Silbert and DCG.
According to Adam Cochran, a partner at crypto venture capital firm Cinneamhain Ventures, Silbert’s decision to step down was “for sure an agreement” reached between Grayscale and the SEC before the conversion request being approved.
Source: Adam Cochran (adamscochran.eth)
Silbert’s departure was announced in an 8-K filing to the SEC on December 26th, with the firm announcing that DCG’s chief financial officer, Mark Shifke, would succeed Silbert as chairman of the board at Grayscale.
According to senior Bloomberg ETF analyst Eric Balchunas, the most noteworthy aspect of the amended S-3 filing—aside from Silbert’s resignation—was that Grayscale had “finally surrendered” to a cash creation model.
Source: Eric Balchunas
