As I have been busy with IRL stuff, it's nice to see that someone else kept the thread updated with latest news.
Regarding the conversion I would like to signal a recap by the obvious Coindesk:
Grayscale ETF Announcement May Shore Up GBTC Discount, Analysts SayGrayscale Bitcoin Trust shareholders now know they’re not going to be left behind in the bitcoin (BTC, -1.4%) exchange-traded fund (ETF) race, and that may help alleviate the discount at which GBTC has been trading for over a month, some analysts say.
On Monday, Grayscale, which is owned by CoinDesk parent company Digital Currency Group, announced it would convert GBTC into an exchange-traded fund when the U.S. regulatory environment warms to bitcoin ETFs.
The conversion would mean GBTC shareholders would no longer have to put up with a six-month lockup or 2% annual management fee. The news could bring GBTC more in line with the net asset value (NAV) of bitcoin, or at the very least put a limit on how steep the discount might go, said James Seyffart, ETF research analyst at Bloomberg Intelligence. (Currently, GBTC is trading at -5.64% to NAV, according to data from CoinDesk subsidiary TradeBlock.)
Of course, Coindesk has to show all their support toward GBTC, being part of the same group.
My guess on this matter is that of course, Grayscale is converting to an ETF, but it will happen just before the SEC authorizes the first of such vehicles quoted on markets. Grayscale has the obvious incentive of being the first to be quoted, just to avoid a dramatic outflow from the fund, but also to try staying in the status quo as long as possible to maximise the fees.
So my guess is that they will be leveraging a good part of their massive income (it's 35 bitcoin daily, we are talking about) to delay as much as possible the ETF approval.