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Grayscale files for new spot Bitcoin ETF on NYSE Arca

Grayscale Files New Application for Spot Bitcoin ETF

Major cryptocurrency investment firm Grayscale has filed a new application with the Securities and Exchange Commission (SEC) for a spot Bitcoin (BTC) exchange-traded fund (ETF). The filing of an S-3 form registration statement with the SEC is part of Grayscale’s ongoing effort to convert its Grayscale Bitcoin Trust into a crypto ETF, according to the firm’s statement.

Grayscale hopes to list the shares of the Grayscale Bitcoin Trust on the New York Stock Exchange (NYSE) Arca under the ticker symbol GBTC. The firm expressed its commitment to working collaboratively and expeditiously with the SEC to ensure the success of the crypto ETF.

“We remain committed to working collaboratively and expeditiously with the SEC on behalf of GBTC’s investors,” the firm said in its announcement.

Crypto Market Latest: Grayscale to Issue Shares on a Registered Basis

Grayscale is eligible to use the Form S-3, a shorter filing version of the typical Form S-1, to target initial public offering of equity securities registered under the Securities Act. This is because its shares have been registered under the Securities Exchange Act of 1934 since January 2020 and it meets the other requirements of the form.

The crypto company will be able to convert GBTC to an ETF and issue shares on a registered basis once NYSE Arca’s 19b-4 application is approved and the Form S-3 is declared effective by the SEC. This news comes weeks after Grayscale won an SEC lawsuit for its spot Bitcoin ETF review, with a U.S. appeals court ordering the SEC to explain why it rejected Grayscale’s application in June 2023. The crypto company also filed with the SEC to list an Ether (ETH) futures ETF in September.

Grayscale is one of many firms that have asked the SEC for authorization to introduce a Bitcoin ETF, including ARK Investment, BlackRock, Fidelity and others.

In accordance with Bloomberg Intelligence analyst James Seyffart, BlackRock submitted an updated Bitcoin ETF prospectus on October 19. This filing is “presumably their answer to SEC comments like the ones from Ark, Fidelity, and others,” he said, adding that it gives “more evidence that issuers are in discussions with the SEC.”

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