Grayscale Filings Replace Form S-3 for Spot Bitcoin ETF Approval
Grayscale Bitcoin Trust filed another amended S-3 filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday.
This is change number 3 to convert GBTC into a spot Bitcoin ETF, as the window opens for potential approval of a spot Bitcoin ETF between January 5-10, 2024.
Grayscale Replaces Spot Bitcoin ETF Prospectus
Grayscale has filed a form S-3, according to a Jan. 2 filing with the U.S. Securities and Exchange Commission (SEC).
Amendment 3 to the registration statement, which is filed solely for the purpose of filing certain exhibits, does not alter any provision of the prospectus forming part of the registration statement.
Bloomberg ETF analysts James Seyffart and Eric Balchnas also noted that no details were available. “A series of exhibits added that apparently relate to the foundation’s third-party relationships?” However, the language regarding cash only is much clearer. Balchnas said, “The AP name has not been given yet, only the places where the name should go are empty.”
Grayscale CEO Michael Sonnenshein also joined X (formerly Twitter) in calling it a “big work week.” It looks to be pointing to a big week ahead for the crypto market as the SEC prepares to announce its spot Bitcoin ETF approval. Some reports suggest the SEC could reach out to Bitcoin ETF issuers as early as January 6.
Last week, Grayscale amended its application to convert its Grayscale Bitcoin Trust (GBTC) fund into a spot Bitcoin ETF following the departure of Grayscale Investments chairman Barry Silbert. Seyffart said Grayscale was apparently “on its knees” in accepting the SEC’s authority over cash-only orders.
CoinGape reports that Grayscale Bitcoin Trust filed a free writing prospectus (FWP) with the US SEC on December 29, while other spot Bitcoin ETF issuers filed updated S-1 forms. Sonnenshein claimed that Grayscale has been on hand as authorized participants of Jane Street and Virtu since 2017.
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with CoinGape Media. He currently covers the latest updates and developments in the crypto industry.
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