May 29, 2024
Grayscale Seeks Approval for New Spot Bitcoin ETF on NYSE Arca
Latest Cryptocurrency News

Grayscale Seeks Approval for New Spot Bitcoin ETF on NYSE Arca

Grayscale Investments, a major cryptocurrency investment firm, has submitted a fresh application to the United States Securities and Exchange Commission (SEC) for a new spot Bitcoin exchange-traded fund (ETF).

On Oct. 19, Grayscale filed an S-3 form registration statement with the SEC, with the aim of listing Grayscale Bitcoin Trust shares on the New York Stock Exchange (NYSE) Arca under the ticker symbol GBTC.

The new filing is in line with Grayscale’s ongoing efforts to transform its Grayscale Bitcoin Trust into a spot Bitcoin ETF, as noted in 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 most recent S-3 registration statement is a condensed version of the typical form S-1 statement used for the initial public offering of equity securities registered under the Securities Act.

“GBTC, however, is eligible to use Form S-3, a shorter filing that incorporates by reference its SEC disclosures and reports, 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 clarified.

Grayscale has noted that the conversion of GBTC to an ETF and the issuance of shares on a registered basis will be possible once NYSE Arca’s 19b-4 application is approved and Form S-3 receives approval from the SEC. The announcement also 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.”

This development comes a few weeks after Grayscale’s SEC lawsuit victory regarding its spot Bitcoin ETF review. The U.S. Court of Appeals for the District of Columbia Circuit ordered the SEC to explain its rejection of Grayscale’s application in June 2023. Grayscale also submitted an application with the SEC to list an Ether futures ETF in September.

Grayscale is one of several companies seeking SEC approval to launch a spot Bitcoin ETF, along with firms like ARK Investment, BlackRock, Fidelity, and others.

According to Bloomberg Intelligence analyst James Seyffart, BlackRock also updated its Bitcoin ETF prospectus on Oct. 19. He suggested that this filing is “likely their response to SEC comments as we’ve seen from Ark, Fidelity, and others,” indicating that issuers are actively engaging with the SEC.

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