I doubt that Grayscale will ever get an approval. JPM and Blackrock own Gensler. They'll decide and they want to 'own' this space. It's a 'rigged' system, IMHO!
If I read this correctly, they'll be paid 'daily' rather than 'monthly'. Question is why???
The following are highlights of the two proposals contained in the attached Consent Solicitation Statement: • Providing that the Sponsor’s Fee be payable to the Sponsor daily in arrears – Currently, the Trust Agreement provides that the Sponsor’s Fee is payable to the Sponsor monthly in arrears, and the Sponsor has discretion regarding when it will instruct the Custodian to withdraw Bitcoin from the Bitcoin Account equal to the accrued but unpaid Sponsor’s Fee. With the changes we are seeking, the Sponsor’s Fee would be payable daily in arrears and the Sponsor will maintain the discretion to instruct the Custodian to withdraw Bitcoin from the Bitcoin Account equal to the accrued but unpaid Sponsor’s Fee; and • Permitting a portion of the Trust Estate to be held from time to time in one or more omnibus accounts in order to facilitate the creation and redemption of Shares – This proposal will allow the Trust to utilize the prime brokerage services of an affiliate of the Custodian. I note that none of these proposals are prerequisites to the Trust receiving approval or operating as an exchangetraded fund (ETF), but they will nonetheless provide operational efficiencies that we believe are beneficial to the Sponsor and Trust. GBTC shareholders will not pay any additional fees as a result of the proposed amendments. We hope you share our view that these amendments both modernize and simplify Grayscale Bitcoin Trust (BTC) Shares for the ultimate benefit of current and future GBTC shareholders. The board of directors of Grayscale Investments, LLC recommends that you vote “FOR” the two proposals.
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