Grayscale Investments has submitted a new application to the U.S. Securities and Exchange Commission (SEC) for a spot Bitcoin exchange-traded fund (ETF). The filing submitted on October 19 involves registering shares of Grayscale Bitcoin Trust on the New York Stock Exchange (NYSE) Arca under the ticker symbol GBTC.
This move is part of Grayscale’s ongoing initiative to transform its Grayscale Bitcoin Trust into a spot Bitcoin ETF, as stated in an announcement by the company. Grayscale emphasised its commitment to working closely and promptly with the SEC on behalf of GBTC’s investors: “We remain committed to working collaboratively and expeditiously with the SEC on behalf of GBTC’s investors.”
The recent filing – the S-3 registration statement is a condensed version of a typical S-1 form, usually used for the initial public offering of equity securities under the Securities Act. Grayscale noted that GBTC qualifies for using Form S-3, a shorter filing referencing its SEC disclosures and reports. This eligibility stems from GBTC’s registration under the Securities Exchange Act of 1934 in January 2020 and meeting other form requirements.
Grayscale indicated that once NYSE Arca’s 19b-4 application is approved and the SEC declares the Form S-3 effective, GBTC can be converted to an ETF and issue shares on a registered basis. The company expressed readiness for GBTC to operate as an ETF upon regulatory approvals, looking forward to collaborative efforts with the SEC: “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.”
This news follows Grayscale’s recent victory in an SEC lawsuit related to its spot Bitcoin ETF review, with the U.S. Court of Appeals for the District of Columbia Circuit ordering the SEC to explain why it rejected Grayscale’s application in June 2023. In September, Grayscale filed with the SEC to list an Ether futures ETF.
Besides Grayscale, several companies, including ARK Investment, BlackRock, and Fidelity, seek SEC approval to launch spot Bitcoin ETFs. BlackRock also filed an updated Bitcoin ETF prospectus on October 19, which Bloomberg Intelligence analyst James Seyffart suggests is likely a response to SEC comments, indicating ongoing discussions between issuers and the SEC.