February 14, 2022
If the SEC is serious about investor protection and if the SEC is truly looking out for the best interests of the citizens in the United States, the SEC will allow for conversion of GBTC into an ETF.
If the SEC is not serious about investor protection, it will reject the application and allow a 25% discount to not have an arbitrage mechanism, thus hurting US citizens.
If they reject the application, they will be forced to perform convoluted mental gymnastics to explain why a CME derivatives based ETF is OK even though a spot ETF is not.
Canada, Europe, Australia, etc think otherwise (Spot ETFs are OK) and are currently more serious about investor protection than the SEC