The Crypto Roundup: 27 December 2023 | CryptoCompare.com

Cryptocurrency asset manager Grayscale has amended its S-3 filings with the U.S. Securities and Exchange Commission (SEC) the same day that the CEO of its parent company Digital Currency Group, Barry Silbert, resigned from its board of directors.

The crypto community has been buzzing with speculation that Silbert’s exit could boost Grayscale’s chances of converting its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin exchange-traded fund (ETF).

Silbert’s departure was recorded in an 8-K filing to the SEC on December 26 that revealed Mark Shifke, DCG’s chief financial officer, will take over as Grayscale’s board chairman.

The amended S-3 filing also reveals a shift to a cash creation model for their proposed spot Bitcoin ETF. The debate between cash and in-kind creations have been an ongoing conflict between the SEC and asset managers,

Unlike most ETFs that are based on stocks or commodities and use an in-kind model — where fund market participants can deal with the asset in the fund directly — a cash-creation model implies that only cash transactions can create or redeem new shares in a spot Bitcoin ETF.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/dec/27/