Grayscale Investments, a leading cryptocurrency investment firm, has filed a fresh application with the U.S. Securities and Exchange Commission (SEC) for a spot Bitcoin exchange-traded fund (ETF). The decision follows a recent ruling by the Court of Appeals for the District of Columbia Circuit. It mandated a re-evaluation of the company’s initial application.
New Registration Statement Submitted
On October 19, Grayscale took proactive steps by submitting an S-3 form registration statement with the SEC. The objective is to secure approval for listing the shares of Grayscale Bitcoin Trust on the New York Stock Exchange (NYSE) Arca, with the designated ticker symbol GBTC.
This recent filing is part of Grayscale’s ongoing initiative to transform its Grayscale Bitcoin Trust into a spot Bitcoin ETF. The company expressed its dedication to collaborative efforts with the SEC, emphasizing its commitment to GBTC’s investors.
We remain committed to working collaboratively and expeditiously with the SEC on behalf of GBTC’s investors,
stated Grayscale in their official announcement.
Streamlined Process and Readiness for ETF Operations
The S-3 registration statement represents a streamlined version of the typical form S-1. Further, it focuses on the initial public offering of equity securities. GBTC qualifies for the use of Form S-3 due to its registration under the Securities Exchange Act of 1934 since January 2020 and meeting other necessary form requirements, according to Grayscale.
Grayscale highlighted that GBTC is poised to operate as an ETF once regulatory approvals are granted. Pending approval of NYSE Arca’s 19b-4 application and the SEC declaring Form S-3 effective, Grayscale aims to expedite the process.
Recent Victories, Future Pursuits and Industry Landscape
This development follows Grayscale’s recent success in a lawsuit related to its spot Bitcoin ETF review. The U.S. Court of Appeals for the District of Columbia Circuit instructed the SEC to provide an explanation for rejecting Grayscale’s application in June 2023. Notably, Grayscale also filed with the SEC to list an Ether futures ETF in September.
Grayscale is not alone in seeking SEC approval for a spot Bitcoin ETF. Other notable players, including ARK Investment, BlackRock, and Fidelity, are also actively pursuing similar goals. Bloomberg Intelligence analyst James Seyffart reported that BlackRock, a major player, submitted an updated Bitcoin ETF prospectus on October 19. This definitely signals ongoing discussions with the SEC.