Grayscale Files Application for Bitcoin ETF
Grayscale, a major cryptocurrency investment firm, has submitted an application to the Securities and Exchange Commission (SEC) for a new spot Bitcoin exchange-traded fund (ETF). The company aims to list the shares of Grayscale Bitcoin Trust on the New York Stock Exchange (NYSE) Arca under the ticker symbol GBTC.
Grayscale’s Efforts to Convert Bitcoin Trust into ETF
This latest filing is part of Grayscale’s ongoing efforts to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF. The company remains committed to working with the SEC on behalf of GBTC’s investors.
S-3 Registration Statement for GBTC
The new registration statement, known as an S-3 form, is a shorter version of the typical S-1 statement used for initial public offerings. However, GBTC is eligible to use Form S-3 because its shares have been registered under the Securities Exchange Act of 1934 since January 2020 and it meets other requirements.
Conversion Process and Regulatory Approvals
To convert GBTC into an ETF and issue shares on a registered basis, Grayscale is awaiting approval of NYSE Arca’s 19b-4 application and the declaration of effectiveness by the SEC for the Form S-3. Once these regulatory approvals are received, GBTC will be ready to operate as an ETF.
Hot Take: Grayscale Pursues Bitcoin ETF Approval
Grayscale’s filing of a new application for a Bitcoin ETF demonstrates its commitment to offering innovative investment opportunities in the crypto market. By seeking regulatory approval and working closely with the SEC, Grayscale aims to provide investors with more accessible and regulated options for investing in Bitcoin. If approved, the Bitcoin ETF could attract significant attention and potentially contribute to the mainstream adoption of cryptocurrencies.
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