Grayscale Investments appears to be inching closer to changing its flagship fund – the Grayscale Bitcoin Belief (GBTC) – correct into a enviornment Bitcoin ETF.

In a Nov. 20 memo from the U.S. Securities and Alternate Fee’s (SEC) particular counsel Edward Cho, senior executives at Grayscale met with the securities regulator’s Division of Trading and Markets.

The discussion used to be centred around NYSE Arca’s proposed rule exchange to list and exchange shares of GBTC below NYSE Arca Rule 8.201-E.

Included in the list of the assembly’s attendees were Grayscale CEO Michael Sonnenshein and CFO Edward McGee, at the side of attorneys from the legislation agency Davis Polk.

Scott Johnsson, a dilapidated Davis Polk attorney and GP at Van Buren Capital, shared a filing that detailed that Grayscale had entered a Switch Company and Provider Agreement with BNY Mellon.

Bloomberg ETF analyst James Seyffart current that the settlement used to be one that can presumably well were required down the twin carriageway to GBTC’s capability conversion into an ETF, nonetheless it did now not essentially articulate something else about the timing of the ETF approval.

Earlier this week, the SEC delayed its decision on enviornment Bitcoin ETF approvals from World X and Franklin Templeton, in what has change correct into a habitual theme around this particular subject.

Serene, many market people stay optimistic that issues can be varied this time around, seriously with heavyweights love BlackRock in the ring, and some ETF analysts estimate a 90% likelihood of a enviornment Bitcoin ETF approval by January.