According to Grayscale's chief legal officer, Craig Salm, and the company's chief financial officer, Edward McGee, the approval of the first spot Bitcoin ETF in the US is a matter of time.
According to the statement:
"We remain focused on uplisting GBTC to NYSE Arca as a spot Bitcoin ETF. While timelines are inherently uncertain."
Grayscale's chief legal officer has said that once the instrument is approved by the US Securities and Exchange Commission (SEC), investors will not have to take any further action. Their holdings in GBTC will be converted into shares in NYSE Arca.
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Notably, Salm has not even been able to give an approximate timeline for the launch of a spot Bitcoin ETF. According to him, the court decision in favor of Grayscale and the conversion of GBTC into an exchange-traded fund is an unprecedented situation.
The company asked the SEC in September to "promptly" approve the tool. In October, the court ordered the regulator to review the related application. In November, the parties met to discuss the details of a spot Bitcoin ETF.