Grayscale Investments, a prominent cryptocurrency investment firm, has submitted a new application to the U.S. Securities and Exchange Commission (SEC) for Exchange Traded Funds (ETFs) related to Bitcoin. On October 19, Grayscale filed a Form S-3 registration statement with the SEC, with the intention of listing Grayscale Bitcoin Trust shares on the New York Stock Exchange (NYSE) Arca under the stock code GBTC.
This recent filing aligns with Grayscale's ongoing efforts to transform Grayscale Bitcoin Trust into a spot Bitcoin ETF, as stated in a company announcement. Grayscale emphasized its commitment to work collaboratively with the SEC in the best interests of GBTC investors, indicating a desire for a swift resolution.
The S-3 registration statement is a shorter filing version than the typical S-1 statement for an initial public offering of equity securities. GBTC is eligible to use Form S-3 since its shares were registered under the Securities Exchange Act of 1934 in January 2020, meeting other SEC requirements.
The company noted that after NYSE Arca's 19b-4 filing is approved, and the SEC declares Form S-3 effective, Grayscale can proceed with converting GBTC into an ETF and issuing shares under registered status. The announcement stressed that upon regulatory approvals, GBTC is ready to function as an ETF, and Grayscale eagerly anticipates addressing any SEC-related matters in a timely manner.
Grayscale recently emerged victorious in a lawsuit against the SEC, resulting in the U.S. Court of Appeals for the District of Columbia Circuit instructing the SEC to explain the rejection of Grayscale's ETF application in June 2023. Furthermore, the company submitted documents to the SEC listing an Ethereum September futures ETF. Grayscale is one of several firms pursuing SEC approval for the launch of a Bitcoin ETF, joining the ranks of ARK Investment, BlackRock, Fidelity, and others.
BlackRock also made an updated filing for a Bitcoin ETF prospectus on October 19. Bloomberg Intelligence analyst James Seyffart pointed out that this filing could be seen as a response to SEC comments and as confirmation of ongoing discussions with the regulatory authority.
