Just-In: Grayscale Updates Spot Bitcoin ETF Filing With US SEC
Crypto asset manager Grayscale Investments has submitted a revised spot Bitcoin ETF filing after recent discussions with the U.S. Securities and Exchange Commission (SEC). The spot Bitcoin ETF issuers including BlackRock and the SEC are undergoing constructive talks, with firms looking to approve a spot Bitcoin ETF first in the United States.
Meanwhile, BTC price continues to hold above $37,000, with trading volume also moving to lower side.
Grayscale Submits Revised Spot Bitcoin ETF Prospectus
According to a filing with the U.S. Securities and Exchange Commission (SEC) late November 22, Grayscale submitted an S-3 form for spot Bitcoin ETF filing, seeking to convert GBTC.
The move comes after a meeting between the SEC’s Division of Trading and Markets and Grayscale. Grayscale executives, including CEO Michael Sonnenshein, discussed the proposed rule change by NYSE Arca to list and trade shares of the Grayscale Bitcoin Trust (BTC) under NYSE Arca Rule 8.201-E.
After a judge asked the SEC to reconsider Grayscale’s requests to convert its Bitcoin trust to a spot Bitcoin ETF, constructive discussions happened to approve a spot Bitcoin ETF, the first in the United States. Meanwhile, other giants such as BlackRock and Fidelity are also in the race to approve its spot Bitcoin ETF first.
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Here’s What Is Changed in the Filing
Bloomberg analyst James Seyffart said Grayscale made big changes in this amendment compared to the original filing. He noted that the application shortened a line related to cash orders and removed pages of risk disclosures.
“Looks like they are shortening up this particular filing and telling people they can just view the risk factors in the 10-ks, 8-ks ,and 10-Q’s they already file/filed. No reason to duplicate in the S-3’s i guess?”
The SEC seeks Bitcoin ETF issuers to use cash creates as opposed to crypto as broker dealers cannot deal in Bitcoin. However, Grayscale filing reads that “The redemptions of shares pursuant to cash orders will only take place if approved by the sponsor in writing, in its sole discretion.”
Commenting on the changes, finance lawyer Scott Johnsson said “Maintaining principally in-kind creation/redemption with a limited cash process. Some new risk factors, including matching the Ark/21 RF expanded disclosure of fraud & manipulation risk.”
BTC price continues to move in a range above $37,000, trading sideways in the last 24 hours. The price is still up 3% in a week.
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