Grayscale Investments, has revived its quest for a Bitcoin exchange-traded fund (ETF) by submitting a fresh registration statement to the United States Securities and Exchange Commission (SEC). This development comes in the wake of a significant court ruling that mandated the SEC to reevaluate Grayscale’s previous application.
On October 19th, Grayscale lodged an S-3 form registration statement with the SEC, signaling its intention to list shares of the Grayscale Bitcoin Trust on the New York Stock Exchange (NYSE) Arca under the ticker symbol GBTC.
Grayscale’s latest filing is a pivotal step in the company’s ongoing efforts to transform its Grayscale Bitcoin Trust into a spot Bitcoin ETF. The firm has expressed its unwavering commitment to working collaboratively and expeditiously with the SEC on behalf of GBTC investors.
This particular S-3 registration statement differs from the typical Form S-1 statement, which is designed for the initial public offering of equity securities registered under the Securities Act. In contrast, GBTC is eligible to use Form S-3, a shorter filing that incorporates its SEC disclosures and reports by reference. This eligibility is primarily due to the fact that GBTC’s shares have been registered under the Securities Exchange Act of 1934 since January 2020, and it satisfies the other requisite criteria, as specified by Grayscale.
The company outlines that once NYSE Arca’s 19b-4 application receives approval and the Form S-3 is declared effective by the SEC, Grayscale will be in a position to convert GBTC into an ETF and issue shares in a registered manner. Grayscale emphasized that GBTC is ready to operate as an ETF once these regulatory approvals are granted, underscoring the company’s commitment to working collaboratively and expeditiously with the SEC on these matters.
This news follows a recent victory for Grayscale in a lawsuit against the SEC concerning the review of its spot Bitcoin ETF. The U.S. Court of Appeals for the District of Columbia Circuit ordered the SEC to provide an explanation for its rejection of Grayscale’s application back in June 2023. Additionally, Grayscale made a submission to the SEC in September, expressing its desire to list an Ether futures ETF.
Grayscale is just one of several companies vying for the SEC’s approval to launch a spot Bitcoin ETF. Notable firms in this pursuit include ARK Investment, BlackRock, Fidelity, and various others.
According to Bloomberg Intelligence analyst James Seyffart, BlackRock, a prominent player in the financial sector, filed an updated Bitcoin ETF prospectus on October 19. This move is seen as a response to SEC comments and indicates ongoing discussions between issuers and the SEC regarding Bitcoin ETFs. The cryptocurrency industry is eagerly awaiting regulatory approvals for these ETFs, which could significantly impact the market and open up new investment avenues.