In a recent meeting with the SEC, Grayscale executives discussed a potential rule change to transform the Grayscale Bitcoin Trust into a spot Bitcoin ETF. Grayscale’s partnership with BNY Mellon, aimed at assisting with share issuance and account management, was also disclosed. However, this does not guarantee immediate transformation of GBTC. The proposal, now termed ‘uplisting’, could see Grayscale controlling $20 billion in assets, thus dominating the ETF landscape. Despite competition from giants like BlackRock and Fidelity, Grayscale stays optimistic about their spot Bitcoin ETFs approval.