Grayscale Unveils Updated Spot Bitcoin ETF
Crypto asset manager Grayscale has revealed an updated version of its spot Bitcoin exchange-traded fund (ETF) after discussions with the US Securities and Exchange Commission (SEC). The updated documentation includes a plan to change the ticker of Grayscale Bitcoin Trust (GBTC) to BTC, according to Bloomberg researcher James Seyffart. While Seyffart noted that there may not be significant changes compared to the previous version, he highlighted notable differences. The new documentation reduces the clause regarding cash orders and completely removes the “risk disclosure” pages. Seyffart suggests that these amendments confirm Grayscale’s negotiations with the SEC and its efforts to adjust its documentation based on regulator feedback.
Meeting with SEC Representatives
Grayscale updated its prospectus following a meeting with representatives from the SEC’s Division of Trading and Markets. CEO Michael Sonnenshine, chief legal officer Craig Salm, and director of exchange-traded funds Dave LaValle attended the meeting. The discussions focused on NYSE Arca’s proposed changes to listing and trading rules for Grayscale Bitcoin Trust (BTC) and shares in accordance with NYSE Arca Rule 8.201-E.
Blackrock Also Eyeing Spot BTC ETF
ETF pioneer Blackrock, known for its proprietary trading software Aladdin, is also considering a spot Bitcoin ETF pending SEC approval.
Hot Take: Grayscale Makes Adjustments to Spot Bitcoin ETF Following SEC Discussions
Crypto asset manager Grayscale has made updates to its spot Bitcoin exchange-traded fund (ETF) following discussions with the US Securities and Exchange Commission (SEC). These updates include changing the ticker of Grayscale Bitcoin Trust (GBTC) to BTC. The revised documentation shows reduced clauses on cash orders and removes the “risk disclosure” pages. Bloomberg researcher James Seyffart suggests that these amendments indicate Grayscale’s negotiations with the SEC and its efforts to address regulator feedback. Grayscale recently met with representatives from the SEC’s Division of Trading and Markets to discuss proposed changes by NYSE Arca for listing and trading rules. In addition, Blackrock, a pioneer in ETFs, is also exploring a spot BTC ETF pending SEC approval.
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