Grayscale’s Bitcoin ETF Amendment Omitting Authorized Participants

Grayscale’s Proposed Bitcoin ETF

Cryptocurrency asset manager Grayscale has submitted an amended filing to the United States Securities Exchange Commission for its Bitcoin (BTC) exchange-traded fund (ETF). The application does not list any authorized participants.

Eric Balchunas, a senior ETF analyst at Bloomberg, made note of the amended filing on X (formerly Twitter). He explained that Grayscale clarified that authorized participants in its proposed ETF can only pay and receive cash for shares.

Authorized participants are financial institutions or companies that can create and redeem shares of an ETF. Balchunas pointed out that Grayscale left the names of its authorized participants blank in the amended documentation.

Grayscale is one of the leading crypto companies, and its proposed Bitcoin ETF could be a major development in the crypto space. Kraken crypto exchange, harmony one crypto today, gala crypto latest, metaverse and web 3.0, crypto websites list, helium crypto latest, crypto sites list, and crypto of the day are all topics related to this development.

Crypto Companies in the US Launch ETF Applications

On Dec. 29, Cointelegraph reported that seven companies in the US had filed the latest versions of Form S-1 applications with the intention of launching the first Bitcoin ETF product. Authorized participants such as Virtu Financial and JPMorgan, as well as Jane Street Capital, were listed in the filings by Invesco Galaxy, Fidelity, and WisdomTree.

In June 2022, Grayscale had announced its intention to list Jane Street and Virtu Financial as its authorized participants with the goal of converting its Grayscale Bitcoin Trust into an ETF. However, Grayscale had failed to mention these participants in its application, leaving analyst Dave Balchunas to question why.

Grayscale Crypto and the SEC

When it comes to cryptocurrency, Grayscale has been vocal about having one, and even tweeted about it. However, the SEC has yet to receive any documents regarding it. Despite this, other firms such as BlackRock and Fidelity have done the same, so why not Grayscale? This was the opinion of Bloomberg Intelligence analyst Mike Balchunas.

On December 27th, Grayscale submitted an amended S-3 filing to the SEC, while Barry Silbert — the CEO of Digital Currency Group, the parent company of Grayscale — announced his resignation from the board of directors. Now, the SEC has until January 10th to deliver its verdict on the latest Bitcoin ETF filings.

According to industry experts, the SEC could deliver the answers to the applying firms by the end of the first week of 2024. With this in mind, many people are keeping an eye on the progress of Grayscale Crypto and other crypto exchanges such as Kraken, Harmony One, and Gala.