Digital Assets: Grayscale Files Application For New Spot Bitcoin ETF Preparatory To Conversion And Listing Of Its Bitcoin Trust
“GBTC is ready to operate as an ETF upon receipt of these regulatory approvals, and on behalf of GBTC’s investors, Grayscale looks forward to working collaboratively and expeditiously with the SEC on these matters.” – Grayscale Investments
Grayscale Investments has submitted a new registration statement to the U.S. Securities and Exchange Commission (SEC) as part of its ongoing efforts to create a spot Bitcoin exchange-traded fund (ETF). This move comes in the wake of a recent court ruling that necessitated the SEC to reevaluate Grayscale’s application. On October 19, the firm filed an S-3 form registration statement with the SEC, seeking to list the shares of the Grayscale Bitcoin Trust on the New York Stock Exchange (NYSEARCA) under the ticker symbol GBTC.
The S-3 registration statement is a concise version of a typical S-1 statement, designed for initial public offerings of equity securities under the Securities Act. Grayscale mentioned that GBTC qualifies for the S-3 form due to its registration under the Securities Exchange Act of 1934 since January 2020. (Coin Telegraph)
Once the NYSE Arca’s 19b-4 application is approved, and the Form S-3 is declared effective by the SEC, Grayscale intends to convert GBTC into an ETF and issue shares on a registered basis. Grayscale is committed to expeditiously cooperating with the SEC to make this transition possible.
This development follows Grayscale’s recent legal victory regarding the SEC’s rejection of their spot Bitcoin ETF application. The U.S. Court of Appeals for the District of Columbia Circuit ordered the SEC to provide an explanation for its June 2023 rejection. Additionally, the firm has filed with the SEC to list an Ether futures ETF in September.
Notably, Grayscale is one of several companies, including ARK Investment, BlackRock, Fidelity, and others, seeking the SEC’s approval to launch a spot Bitcoin ETF. BlackRock filed an updated Bitcoin ETF prospectus on October 19, indicating ongoing discussions between issuers and the SEC in pursuit of this goal.
Related Story: Grayscale Applies For Ethereum Futures ETF
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