Major cryptocurrency investment firm Grayscale has submitted a new application to the Securities and Exchange Commission (SEC) for a spot Bitcoin exchange-traded fund (ETF).
Grayscale filed an S-3 form registration statement with the SEC on October 19, seeking to list the shares of Grayscale Bitcoin Trust on the New York Stock Exchange (NYSE) Arca under the ticker symbol GBTC. The firm aims to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF, according to a statement by Grayscale.
"We remain committed to working collaboratively and expeditiously with the SEC on behalf of GBTC’s investors," the firm stated in the announcement.
The latest filing is a shorter version of a typical Form S-1 statement, which is used for initial public offerings. Grayscale explained that GBTC is eligible to use Form S-3 because its shares have been registered under the Securities Exchange Act of 1934 since January 2020, and it meets the other requirements of the form.
Grayscale noted that once NYSE Arca's 19b-4 application is approved and the Form S-3 is declared effective by the SEC, the company will be able to convert GBTC to an ETF and issue shares on a registered basis.
The announcement stated, "Importantly, 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 recently won an SEC lawsuit for its spot Bitcoin ETF review, with a U.S. appeals court ordering the SEC to explain why it rejected Grayscale’s application in June 2023. In September, the company also filed with the SEC to list an Ether (ETH) futures ETF.
Grayscale joins other companies like ARK Investment, BlackRock, and Fidelity in seeking SEC approval to launch a spot Bitcoin ETF. Bloomberg Intelligence analyst James Seyffart reported that BlackRock filed an updated Bitcoin ETF prospectus on October 19, which suggests that issuers are in talks with the SEC.
Did you miss our previous article...
https://trendinginthenews.com/crypto-currency/bitcoins-longterm-holders-control-record-amount-of-btc-supply-boosting-scarcity
