Spot Bitcoin ETF Progress: Grayscale Submits S-3 Amendment to SEC for Approval
Posted: January 2, 2024 10:32 AM Updated: January 2, 2024 10:33 AM
Correction and fact check date: January 2, 2024, 10:32 AM
briefly
Grayscale Bitcoin Trust has filed its third Amended S-3 filing with the U.S. SEC to secure approval of its Bitcoin ETF.
Grayscale Bitcoin Trust has taken an important step by filing its third amended S-3 filing with the U.S. Securities and Exchange Commission (SEC). According to reports, this latest amendment, marked as Amendment No. 3, aims to convert GBTC into a spot Bitcoin ETF.
Timing is important, as the potential approval period for the spot Bitcoin ETF is expected to be between January 5 and 10, 2024.
Metaverse Post reported last week that the digital currency asset management company filed an amended S-3 filing with the U.S. Securities and Exchange Commission (SEC). In the amended S-3 filing, Grayscale aligned with its cash generation model as previously proposed by regulators.
According to a document filed with the SEC on January 2, Grayscale utilized Form S-3 for this purpose. The amendments specifically address registration statements and focus on filing certain evidence. It is important to note that this amendment does not change any provision of the prospectus that is part of the registration statement.
“The new grayscale amendment just dropped,” Eric Balchnas, senior ETF analyst at Bloomberg, said via social platform X. The language is clear with cash only, but there is still no AP name and there is just a space where the name should be. I don’t know why because the SEC wants to see it and is pretty confident about having it. Plus, there are no fees whatsoever.
Balchnas emphasized clarity in language regarding cash-only transactions, but noted the absence of Authorized Participant (AP) names.
“Big Work Week” for GrayScale
GrayScale CEO Michael Sonnenshein also shared his perspective on social media platform X (formerly Twitter) at the same time, citing a “big work week.”
Sonnenshein appears to be hinting at significant upcoming events in the cryptocurrency market as the SEC prepares to announce the potential approval of a spot Bitcoin ETF. According to reports, the SEC may begin communicating with Bitcoin ETF issuers as early as January 6.
This development follows Grayscale’s recently submitted amendment to convert the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF. The decision follows the resignation of Barry Silbert, chairman of Grayscale Investments. Many analysts argue that Grayscale appears to be complying with the SEC’s preference for cash-only orders.
disclaimer
In accordance with the Trust Project Guidelines, the information provided on these pages is not intended and should not be construed as legal, tax, investment, financial or any other form of advice. It is important to invest only what you can afford to lose and, when in doubt, seek independent financial advice. We recommend that you refer to the Terms of Use and help and support pages provided by the publisher or advertiser for more information. Although MetaversePost is committed to accurate and unbiased reporting, market conditions may change without notice.
About the author
Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s specialty is producing high-impact content including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.
more articles
Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s specialty is producing high-impact content including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.