Major cryptocurrency investment firm Grayscale has submitted a new spot Bitcoin (BTC) exchange-traded fund (ETF) application to the U.S. Securities and Exchange Commission (SEC).
Grayscale image of October 19th submitted A registration statement on Form S-3 filed with the SEC intending to list Grayscale Bitcoin Trust’s shares on the New York Stock Exchange (NYSE) Arca under the stock code GBTC.
New documentation aligns with Grayscale’s ongoing efforts change According to Grayscale’s announcement, it will convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF.
“We remain committed to working expeditiously with the SEC on behalf of GBTC investors,” the company wrote in the announcement.
The latest S-3 registration statement is a shorter filing version of the typical S-1 statement for an initial public offering of equity securities registered under the Securities Act.
“However, GBTC is eligible to use Form S-3, a shorter filing incorporated by reference in its SEC disclosures and reports, because its shares have been traded under the Securities Exchange Act of 1934 since January 2020. Register and meet the form,” Grayscale noted.
The company mentioned that once NYSE Arca’s 19b-4 filing is approved and the SEC must declare the Form S-3 effective, Grayscale will be able to convert GBTC into an ETF and issue shares in a registered manner. The announcement added:
“Importantly, upon receipt of these regulatory approvals, GBTC is ready to operate as an ETF, and on behalf of investors in GBTC, Grayscale looks forward to working expeditiously with the SEC on these issues.”
This is a developing story and more information will be added as it becomes available.
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