Grayscale Investments has intensified its efforts to launch a spot Bitcoin exchange-traded fund (ETF) to the market. It has submitted a new registration statement to the United States Securities and Exchange Commission (SEC).
This strategic move aims to list the shares of the Grayscale Bitcoin Trust on the New York Stock Exchange (NYSE) Arca under the ticker symbol GBTC. Grayscale confirmed in a statement its unwavering commitment to expedite the approval of its Bitcoin ETF.
We remain committed to working collaboratively and expeditiously with the SEC on behalf of GBTC’s investors.
The S-3 registration statement: A critical step
This latest filing is a shorter version of the typical Form S-1 statement. It is intended to allow the conversion of Grayscale Bitcoin Trust into a spot Bitcoin ETF.
Grayscale’s ability to use Form S-3 depends on GBTC’s shares being registered under the Securities Exchange Act of 1934 since January 2020. It would also need to meet other prerequisites of this form.
The company believes that GBTC will be able to operate as an ETF once NYSE Arca’s 19b-4 application gains approval and the Form S-3 receives the SEC’s green light. In the interest of investors, Grayscale hopes that the SEC will cooperate with them to facilitate this transition
BlackRock doesn’t want to be left out
This development follows Grayscale’s recent victory in an SEC lawsuit related to its spot Bitcoin ETF review. The U.S. Court of Appeals for the District of Columbia Circuit mandated that the SEC clarify its rejection of Grayscale’s application in June 2023.
Grayscale isn’t alone in the line for the SEC’s approval to launch a spot Bitcoin ETF. Financial giants, including ARK Investment, Fidelity, and BlackRock, have been pursuing similar ETF offerings.
BlackRock also filed an updated Bitcoin ETF to align with other players in these discussions with the SEC. It underscores the growing interest behind the crypto ETF movement.
The race for the first spot Bitcoin ETF remains a closely watched competition. Grayscale’s latest move, coupled with BlackRock’s mimicking, demonstrates the increasing significance of this financial product.