{"id":65410,"date":"2023-11-23T17:50:44","date_gmt":"2023-11-23T21:50:44","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=65410"},"modified":"2023-11-23T17:51:34","modified_gmt":"2023-11-23T21:51:34","slug":"grayscale-updates-spot-bitcoin-etf-application","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/grayscale-updates-spot-bitcoin-etf-application\/","title":{"rendered":"Grayscale Updates Spot Bitcoin ETF Application"},"content":{"rendered":"\n

Grayscale submitted an updated filing for its pending spot Bitcoin ETF to the U.S. Securities and Exchange Commission<\/a> (SEC).<\/p>\n\n\n\n

\"Grayscale
Grayscale Updates Spot Bitcoin ETF Application<\/figcaption><\/figure>\n\n\n\n

In light of conversations with the U.S. Securities and Exchange Commission (SEC), cryptocurrency asset management Grayscale has released an updated version of its spot Bitcoin exchange-traded fund<\/a> (ETF).<\/p>\n\n\n\n

A plan to switch GBTC's ticker to BTC is included in the amended documentation, according to Bloomberg researcher James Seyffart.<\/p>\n\n\n\n

\n

Update: New Grayscale S-3\/Prospectus #Bitcoin\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> ETF filing to convert $GBTC<\/use><\/svg><\/span><\/a>. Right off the bat the biggest update is the plan to change $GBTC<\/use><\/svg><\/span><\/a>'s ticker to $BTC<\/use><\/svg><\/span><\/a> (which was expected). Skimming through the rest now. pic.twitter.com\/W9uNdAHLMv<\/use><\/svg><\/span><\/a><\/p>— James Seyffart (@JSeyff) November 22, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

Seyffart observed that after closely examining the updated material, it is likely to include few notable modifications over the original draft. However, the current version has significant changes from the original submission, as he stated: \u201cin this amendment, the shades of gray have changed a lot from the original.\u201d<\/p>\n\n\n\n

He pointed out that the updated paperwork has been trimmed down the cash order clause. Furthermore, the “risk disclosure” pages have been entirely deleted from the updated version. He mentioned the SEC's registration paperwork as follows:<\/p>\n\n\n\n

\n

“It looks like they're cutting this particular file short and telling people they can just look at the risk factors in those 10-ks, 8-ks, and 10-Qs they've already filed. I guess there is no reason to duplicate the S-3?”<\/p>\n<\/blockquote>\n\n\n\n

He said that the prospectus's revisions and updates merely demonstrate that the business is in talks with the SEC, getting input from the agency, and updating its records accordingly.<\/p>\n\n\n\n

After meeting earlier this month with representatives of the SEC's Division of Trading and Markets, Grayscale amended their prospectus. Top Grayscale personnel, including CEO Michael Sonnenshine<\/use><\/svg><\/span><\/a>, chief legal officer Craig Salm, and director of exchange-traded funds Dave LaValle, were present at that meeting.<\/p>\n\n\n\n

In line with NYSE Arca Rule 8.201-E, the parties deliberated over NYSE Arca's suggested modification to the listing and trading regulations for Grayscale Bitcoin Trust<\/a> (BTC) and its shares.<\/p>\n\n\n\n

The revised material is being released at the same time Blackrock, the creator of proprietary trading software Aladdin and an ETF pioneer, is considering launching a Bitcoin ETF with SEC permission.<\/p>\n","protected":false},"excerpt":{"rendered":"

Grayscale submitted an updated filing for its pending spot Bitcoin ETF to the U.S. Securities and Exchange Commission (SEC). In light of conversations with the U.S. Securities and Exchange Commission (SEC), cryptocurrency asset management Grayscale has released an updated version of its spot Bitcoin exchange-traded fund (ETF). A plan to switch GBTC’s ticker to BTC […]<\/p>\n","protected":false},"author":43,"featured_media":65412,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[940,541,143],"class_list":["post-65410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-etf","tag-grayscale","tag-sec"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/11\/croc_1700772851982.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/65410","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=65410"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/65410\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/65412"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=65410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=65410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=65410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}