Grayscale Bitcoin Trust Amends Prospectus for Spot Bitcoin ETF
In a recent filing with the U.S. Securities and Exchange Commission (SEC), Grayscale submitted an amended S-3 form to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin exchange-traded fund (ETF). The amendment, labeled as no. 3, aims to file certain exhibits and does not modify any provisions of the existing prospectus. Bloomberg ETF analysts have noted that the filing lacks specific details but highlights the use of cash-only orders. Grayscale CEO Michael Sonnenshein also hinted at an eventful week ahead for the crypto market, potentially indicating the SEC’s forthcoming announcement on spot Bitcoin ETF approval.
Grayscale’s Response to SEC’s Mandate
Following Barry Silbert’s resignation as chairman of Grayscale Investments, the company amended its filing last week to comply with the SEC’s mandate regarding cash-only orders. CoinGape previously reported that Grayscale Bitcoin Trust had submitted a free writing prospectus (FWP) to the SEC, while other spot Bitcoin ETF issuers filed updated S-1 forms. Sonnenshein mentioned that Grayscale has been prepared since 2017, with authorized participants such as Jane Street and Virtu.
Hot Take: Grayscale Positions Itself for Spot Bitcoin ETF Approval
Grayscale’s continued amendments to its prospectus indicate its determination to convert GBTC into a spot Bitcoin ETF in anticipation of potential approval from the SEC. By complying with the SEC’s requirements and emphasizing cash-only orders, Grayscale seeks to align itself with regulatory standards and increase its chances of receiving approval. This move reflects Grayscale’s commitment to adapting to market demands and catering to investor preferences. As the window for potential approval of spot Bitcoin ETFs approaches, all eyes are on the SEC’s decision and its impact on the crypto market.
By
By
By
By
By
By