Grayscale Submits an Updated Bitcoin ETF Filing
Grayscale is continuing with its plans to transform its Bitcoin Trust into a spot Bitcoin exchange-traded fund (ETF) after submitting an updated filing with the SEC. This amendment follows a meeting between Grayscale’s legal team and executives and the Securities and Exchange Commission (SEC).
Grayscale’s Ongoing Discussions with SEC
Following the discussions with SEC, Grayscale’s updated filing has few significant changes. Analyst James Seyffart noted minor updates, including a potential change to Grayscale’s ticker from GBTC to BTC, although Grayscale has no immediate plans to implement this change. Additionally, adjustments were made in the application’s cash orders line and some pages of risk disclosures were removed.
Grayscale’s Unique ETF Proposal
Unlike applications from competitors, Grayscale plans to convert an existing investment vehicle to an ETF. The recent SEC discussions with Grayscale are seen as a positive sign for ETF prospects in general.
Bitcoin ETF Approval Prospects
ETF Store President Nate Geraci highlighted that Grayscale’s “uplisting” of GBTC to NYSE Arca could be competitive, and Bloomberg analysts believe there is a 90% likelihood of a spot Bitcoin ETF approval by January.
Hot Take
Given its ongoing USD 20 billion in assets under management for the ETF product, Grayscale’s discussions with the SEC suggest that a Bitcoin ETF may be on the horizon.
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