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International Business Times
International Business Times
Business
Nica Osorio

Grayscale Surrenders To SEC's Preferred Creation/Redemption Model, Submits Amended Bitcoin ETF Application Following Silbert's Resignation

Grayscale SEC Bitcoin ETF Barry Silbert Grayscale Investments ARK BlackRock DCG Eric Balchunas
Grayscale's New Brand Identity (Credit: Grayscale Investments official YouTube channel)

KEY POINTS

  • Grayscale Investments' proposal says its Bitcoin ETF will use the cash creation and redemption model
  • The amended application came after the company announced DCG's Barry Silbert has resigned from its board of directors
  • Bitcoin was trading in the red zone at $42,441.32 in the early hours of Wednesday

Grayscale Investments – a digital currency asset management company and a subsidiary of Digital Currency Group (DCG) – has caved in to the U.S. Securities and Commission's preferred creation and redemption model on Bitcoin exchange-traded fund (ETF), according to the latest amended proposal it submitted to the regulator after announcing the resignation of Barry Silbert from its board of directors.

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