Grayscale has updated the agreement to optimize its conversion into a spot Bitcoin (BTC) ETF.

The corresponding document appeared on the website of the US Securities and Exchange Commission (SEC). The fund also wants to level the playing field when it comes to other suitors such as asset management giant BlackRock.

The first change allows customers to pay the daily fees that Grayscale collects monthly. This is a structural adjustment and not part of any fee reduction. Grayscale currently charges a 2% management fee for GBTC.

The second update allows assets to be pooled into a single account. This will allow for smoother creation and redemption of shares, the core processing mechanism for ETFs.

Recently, SEC representatives held negotiations with Grayscale. Discussions were related to converting GBTC into a spot Bitcoin ETF.

Bloomberg ETF analyst James Seyffart indicated that BNY Mellon will act as an agent for GBTC, facilitating the issuance and redemption of shares and maintaining shareholder accounts.

Despite many negotiations and initiatives related to spot Bitcoin ETFs, the SEC has yet to make a decision on numerous applications for the funds.

In anticipation of quick approval of applications, BTC is updating its annual highs. On Nov. 29, the first cryptocurrency crossed the $38,000 level. However, at the time of writing, Bitcoin is trading at $37,934.