1 year ago
Grayscale submitted an updated filing for its pending spot Bitcoin ETF to the U.S. Securities and Exchange Commission (SEC) connected Nov. 22.
The filing successful question is an amended S-3 prospectus, a benignant of registration signifier utilized by firms that person antecedently met different reporting requirements.
Bloomberg ETF expert James Seyffart suggested successful an X post that the filing does not marque important changes. He wrote:
“Lot of radical asking what this means. Haven’t work done each of it but [it’s] conscionable [one] much information constituent confirming that Grayscale is successful talks with SEC and is making updates/changes to their offering docs aft discussions with & feedback from the SEC. Looking for immoderate different caller info.“
However, Seyffart noted that the exertion shortened a enactment related to currency orders and removed pages of hazard disclosures. He initially suggested that the filing changed the fund’s ticker from GBTC to BTC, but aboriginal said helium was successful error.
Grayscale and SEC are successful discussions
The quality comes soon aft a Nov. 20 memo indicated that respective members of the SEC’s Division of Trading and Markets met with assorted members of Grayscale and the instrumentality steadfast Davis Polk. The treatment acrophobic NYSE Arca’s listing of the projected ETF. Grayscale’s CEO, Michael Sonnsenhein, was successful attendance.
The ETF projected by Grayscale is considerably antithetic from different spot Bitcoin ETF applications, specified arsenic those from BlackRock and Fidelity. Grayscale uniquely proposes converting an existing concern conveyance into an ETF. Nevertheless, galore judge the SEC’s engagement with Grayscale is simply a bully motion for ETF prospects successful general.
Grayscale besides secured a tribunal triumph this twelvemonth that, arsenic of October, required the SEC to reappraisal its application. The SEC is not required to o.k. the application; it is lone required to see it aft attempting to disregard it successful 2022.
Grayscale Bitcoin Trust (GBTC) money presently trades astatine a discount — that is, beneath its nett plus worth (NAV). The quality is presently -11.86%, according to YCharts.
The station Grayscale files updated Bitcoin ETF prospectus days aft talks with U.S. SEC appeared archetypal connected CryptoSlate.
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