Grayscale updates GBTC protocol for first time since 2018 to prepare for ETF conversion

Grayscale, the management company of the Grayscale Bitcoin Trust Fund (GBTC), is updating the trust agreement for the first time since 2018. The purpose of this update is to optimize the structure of GBTC in order to achieve the expected upgrade to a spot Bitcoin exchange-traded fund (ETF) and provide a fair competitive environment for asset management giants such as BlackRock. The GBTC update will be subject to shareholder voting, which will involve two proposed modifications to the trust agreement.