Prominent cryptocurrency investment firm Grayscale has submitted a new application to the U.S. Securities and Exchange Commission (SEC) seeking approval for a spot Bitcoin exchange-traded fund (ETF). This move follows a recent D.C. circuit court decision that prompted a review of Grayscale’s application.
On October 19, Grayscale filed an S-3 form registration statement with the SEC with the intention of listing Grayscale Bitcoin Trust shares on the New York Stock Exchange (NYSE) Arca under the ticker symbol GBTC. This step is in line with Grayscale’s ongoing efforts to transform its Grayscale Bitcoin Trust into a spot Bitcoin ETF, as mentioned in an official statement by the firm.
Commitment to Collaboration
Grayscale expressed its unwavering commitment to collaborating with the SEC for the benefit of GBTC’s investors. The company acknowledged the regulatory nuances surrounding the transition and outlined that the latest S-3 registration statement is a condensed version of a standard Form S-1 statement typically used for initial public offerings of equity securities registered under the Securities Act.
GBTC’s Eligibility for Form S-3
Grayscale clarified that GBTC is eligible to employ Form S-3, a more concise filing that references SEC disclosures and reports. This eligibility arises from GBTC’s registration under the Securities Exchange Act of 1934 since January 2020 and its compliance with other form requirements.
The firm highlighted that once NYSE Arca’s 19b-4 application is approved and the SEC declares the Form S-3 as effective, Grayscale will be able to convert GBTC into an ETF and issue shares on a registered basis. Grayscale underlined its readiness to operate as an ETF upon obtaining the necessary regulatory approvals, expressing eagerness to collaborate efficiently with the SEC on these matters on behalf of GBTC’s investors.