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Grayscale has applied for a Bitcoin ETF, the review by the SEC may take a long time. This is part of an effort to open up cryptocurrencies to more investors.
Grayscale Investments submitted a new registration statement with the Securities and Exchange Commission (SEC) during its attempt to transform Grayscale Bitcoin Trust into a spot Bitcoin ETF.
Related: ETF Statement from SEC Chairman!
The asset manager initiated the process of presenting new share offerings by submitting the S-3 statement, an abbreviated version of a typical S-1 statement, this Thursday morning. Grayscale‘s latest move was during a period in which other major asset managers such as BlackRock and Fidelity are seeking approval from the SEC for spot Bitcoin ETFs. It argued that it was appropriate to register using Form S-3, stating that its shares have been registered to the 1934 Securities Exchange Act since January 2020 and other necessary requirements have been met.
Grayscale Investments submitted a new registration statement
In Washington, D.C., leading asset manager Grayscale Investments submitted a new registration statement with the Securities and Exchange Commission (SEC) as it continues its attempt to convert into a spot Bitcoin ETF. The company announced that it is preparing to take the necessary steps to list a publicly offered Bitcoin ETF on the NYSE Arca.
Grayscale had applied to the D.C. Circuit Court last year to challenge the proposals rejected by the SEC. While the process for reviewing the court’s decision is ongoing, Grayscale decided to continue its spot Bitcoin ETF project.
This development came at a time when companies like BlackRock and Fidelity, among large asset managers, are also seeking approval from the SEC for spot Bitcoin ETFs. Grayscale stated in its announcement that after the NYSE Arca reviews their applications and approves the effectiveness of Form S-3, they will take the necessary steps to list their shares under the GBTC symbol.
SEC Chairman Gary Gensler stated the “SEC staff is working on several applications.” Also, this process is part of a long and detailed review. It is important that more stages may be necessary for the launch of spot Bitcoin ETFs.
Grayscale ‘s spot Bitcoin ETF initiative aims to make cryptocurrencies more accessible to a wider investor audience. However, the SEC is expected to adopt a meticulous approach while evaluating such initiatives.
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