Pomp Shared:  The SEC has just delayed their decision on whether GBTC can convert to a Bitcoin ETF.

Community response:  How is a spot ETF different from GBTC today?  Spot ETF is just paper. GBTC has digital backing of assets.

Better to keep it as GBTC. If approved for ETF, I can see them dumping their holdings.

ETFs can create and destroy shares at will to maintain price at par with the asset it tracks. Trusts like GBTC have a fixed number of shares, which allow for more fluctuation around the NAV (Net Asset Value).

So, GBTC is trading at a 27% discount to the NAV. If the SEC approved the conversion to a spot ETF, the price would need to immediately increase by that amount?

GBTC trades at a huge discount to the underlying Bitcoin that it owns.  Once it converts to an ETF, it will always trade at the value of the underlying BITCOIN. This will make it a much better tracking vehicle.

It will come eventually that, which institutions will want. I don’t understand why they’d approve future’s ETF but not spot. Unless their goal is to open speculation.

When the SEC finally approves a BITCOIN ETF, it will not be Grayscale.  They’re waiting for a Wall Street firm to create one, not Barry Silbert.

There will be a time – soon – when nobody will care about the SEC or any of these obsolete institutions. Bitcoin decentralizes power.  We love to focus on building the free world and let the corrupted one collapse deep.

How can Gary Gensler and the SEC GOV continue to make up stories, and then expect the public to buy them? How can the futures ETF be acceptable, if it’s based on the Bitcoin spot price, but there’s no spot BITCOIN ETF? I’d like to hear Gary Gensler explain this in a court of law.

Of Course, they did. They are going to delay indefinitely-under the guise that they are “protecting” retail.

A BTC SPOT ETF will not matter once nation states start adding BTC to their national reserves. I personally will never buy BTC in a SPOT ETF. Why would I?  Do you think the sec are using the SPOT ETF approval as the negotiating trump card in their back pocket?

SEC will be taken to court over this. Probably, Grayscale will do it if they don’t get approval this year.

Will GBTC start dumping eventually after all these rejections? Are they sustainable without ETF?  Grayscale is the largest holder of BTC in the world. They will get approval for conversion by June. Once regulatory clarity is announced.

They can’t delay forever, and are already starting to look ridiculous. GBTC should be the first approved. Bullish.

What does the GBTC ~27% discount express? Probably that the SEC will never permit conversion to an ETF.