Grayscale has submitted a fresh application to the Securities and Exchange Commission (SEC), aiming to establish one of the first spot Bitcoin exchange-traded funds (ETFs) in the United States through its Grayscale Bitcoin Trust.
The filing revealed that Grayscale intends to list Grayscale Bitcoin Trust shares on the New York Stock Exchange (NYSE) Arca.
Issuers typically file a registration statement on Form S-1 for their initial public offering of equity securities registered under the Securities Act. GBTC, on the other hand, filed an S-3 form registration statement with the SEC.
While explaining the rationale behind the move, the asset manager said its shares have been registered under the Securities Exchange Act of 1934 since January 2020, and it meets the other requirements of the form.
The company’s official announcement read,
“Today, we filed Form S-3 as part of our efforts to convert $GBTC to an ETF. We remain committed to working collaboratively and expeditiously with the SEC on behalf of GBTC’s investors.”
Grayscale also noted that, prior to GBTC’s transition into an ETF and the issuance of registered shares through Form S-3, several conditions need to be met.
These include the approval of NYSE Arca’s 19b-4 application, the availability of an exemption, or another form of Regulation M relief. Additionally, the Form S-3 must be declared effective by the financial regulator.
“Importantly, GBTC is ready to operate as an ETF upon receipt of these regulatory approvals, and on behalf of GBTC’s investors, Grayscale looks forward to working collaboratively and expeditiously with the SEC on these matters.”
The latest development comes on the heels of Galaxy Digital Fund and Invesco making revisions to their joint application for the introduction of a spot Ether ETF.
Several digital assets heavyweights, such as VanEck, ARK Invest, Hashdex, and Grayscale, Galaxy, have already filed for Ether spot ETF, making Invesco the fifth player in the US market.
— James Seyffart (@JSeyff) October 18, 2023