Main cryptocurrency funding agency Grayscale Investments has filed a brand new utility with the USA Securities and Trade Fee (SEC) for a brand new spot Bitcoin (BTC) exchange-traded fund (ETF).
On Oct. 19, Grayscale submitted an S-3 kind registration assertion with the SEC, desiring to record the shares of Grayscale Bitcoin Belief on the New York Inventory Trade (NYSE) Arca underneath the ticker image GBTC.
The brand new submitting aligns with Grayscale’s ongoing effort to transform its Grayscale Bitcoin Belief right into a spot Bitcoin ETF, in accordance with a press release by Grayscale.
“We stay dedicated to working collaboratively and expeditiously with the SEC on behalf of GBTC’s traders,” the agency wrote within the announcement.
The most recent S-3 registration assertion is a shorter submitting model of a typical kind S-1 assertion that targets preliminary public providing of fairness securities registered underneath the Securities Act.
“GBTC, nonetheless, is eligible to make use of Type S-3, a shorter submitting that includes by reference its SEC disclosures and experiences, as a result of its shares have been registered underneath the Securities Trade Act of 1934 since January 2020 and it meets the opposite necessities of the shape,” Grayscale famous.
The agency talked about that Grayscale will have the ability to convert GBTC to an ETF and concern shares on a registered foundation as soon as NYSE Arca’s 19b-4 utility is authorised and the Type S-3 have to be declared efficient by the SEC. The announcement added:
“Importantly, GBTC is able to function as an ETF upon receipt of those regulatory approvals, and on behalf of GBTC’s traders, Grayscale appears ahead to working collaboratively and expeditiously with the SEC on these issues.”
The information comes weeks after Grayscale gained an SEC lawsuit for its spot Bitcoin ETF assessment, with a U.S. appeals court docket ordering the SEC to elucidate why it rejected Grayscale’s utility in June 2023. The corporate additionally filed with the SEC to record an Ether (ETH) futures ETF in September.
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Grayscale is considered one of a number of corporations looking for SEC’s approval to launch a spot Bitcoin ETF, together with corporations like ARK Funding, BlackRock, Constancy and others.
In line with Bloomberg Intelligence analyst James Seyffart, BlackRock filed an up to date Bitcoin ETF prospectus on Oct. 19 as properly. The submitting is “possible their response to SEC feedback like we have seen from Ark, Constancy, and others,” he mentioned, including that it brings “extra affirmation that issuers are in talks with the SEC.”
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