Major cryptocurrency investment firm Grayscale has filed a new application with the Securities and Exchange Commission (SEC) for a new spot bitcoin (btc) exchange-traded fund (ETF).
Grayscale on October 19 sent a Form S-3 registration statement with the SEC intending to list shares of Grayscale bitcoin Trust on the New York Stock Exchange (NYSE) Arca under the symbol GBTC.
The new presentation is in line with Grayscale’s ongoing effort to convert its Grayscale bitcoin Trust into a spot bitcoin ETF, according to a statement from Grayscale.
“We remain committed to working collaboratively and expeditiously with the SEC on behalf of GBTC investors,” the firm wrote in the announcement.
The latest S-3 registration statement is a shorter version of a typical Form S-1 statement that addresses the initial public offering of equity securities registered under the Securities Act.
“However, GBTC 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 meets the other requirements of the form,” Grayscale said.
The firm mentioned that Grayscale will be able to convert GBTC into an ETF and issue shares on a registered basis once NYSE Arca’s 19b-4 filing is approved and the SEC is required to declare the Form S-3 effective. The announcement added:
“Importantly, GBTC is ready to operate as an ETF upon receipt of these regulatory approvals and, on behalf of GBTC investors, Grayscale looks forward to working collaboratively and expeditiously with the SEC on these matters.”
This is a developing story and more information will be added as it becomes available.
