Crypto Giant Grayscale Files Registration Statement for Bitcoin ETF
Grayscale, the leading crypto asset manager, has submitted a registration statement to the US Securities and Exchange Commission (SEC) in its effort to convert its Bitcoin Trust product into a Bitcoin exchange-traded fund (ETF). This move comes as Grayscale filed a Form S-3 registration statement, which is a simplified form used to register securities with the SEC. The company states that it meets the eligibility criteria for this form. Grayscale aims to operate its Bitcoin Trust as an ETF once it obtains regulatory approvals, including approval from NYSE Arca and the SEC.
SEC’s Denial of Grayscale’s Application Ruled Unlawful
Recent reports suggest that the SEC will not challenge a court ruling stating that the agency’s denial of Grayscale’s application to offer a spot Bitcoin ETF was unlawful due to inconsistent and discriminatory standards.
Hot Take: Grayscale Takes Major Step Towards Launching Bitcoin ETF
Grayscale’s filing of a registration statement for its Bitcoin Trust marks a significant milestone in its pursuit of launching a Bitcoin ETF. By submitting the Form S-3, Grayscale demonstrates its readiness to operate GBTC as an ETF once it receives the necessary regulatory approvals. With the court ruling against the SEC’s denial of Grayscale’s application, the path seems clearer for the company to achieve its goal. If successful, this move could have significant implications for the cryptocurrency market and provide investors with more regulated options for investing in Bitcoin.
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