Grayscale Submits Filing For Bitcoin Trust Transformation; Aims For NYSE Arca Listing

Grayscale Investments has taken another step forward in its journey to transform the Grayscale Bitcoin Trust GBTC into a spot Bitcoin BTC/USD ETF, by lodging a new registration document with the Securities and Exchange Commission (SEC).

This action follows the directive of a D.C. circuit court, urging the regulator to take another look at Grayscale's proposal.

On Thursday morning, the asset management company presented an S-3 filing, a condensed variant of the standard S-1 filing typically utilized for new securities offered by companies in the U.S. before they can be listed on a national exchange.

This latest initiative by Grayscale comes amid efforts by other leading asset management entities like BlackRock Inc BLK and Fidelity, all endeavoring to gain the SEC's green light for their spot Bitcoin ETFs, The Block reported.

The unfolding scenario points towards a vibrant discussion around digital assets, akin to the topics slated for discussion at Benzinga's Future of Digital Assets conference on Nov. 14.

Grayscale clarified its eligibility for employing Form S-3 in this filing, crediting it to its shares being recognized under the Securities Exchange Act of 1934 since January 2020, satisfying the stipulated prerequisites for the form.

The firm has plans to have its shares listed on NYSE Arca with the ticker symbol GBTC, aiming to issue these shares continually after the approval of NYSE Arca's application on Form 19b-4 and the validation of the form S-3 for registering the shares, as articulated in a statement by Grayscale.

This registration submission is timed a day ahead of the anticipated court mandate from the U.S. Court of Appeals for the D.C. Circuit, which is projected to reaffirm its initial August ruling, marking it as a concluding proceeding in this matter.

Also Read: Coinbase To Establish Dublin HQ As MiCA Regulation Approaches

Last week saw no appeal for a rehearing of the court's decision by the SEC, fuelling positive industry sentiments towards the possibility of a spot Bitcoin ETF in the near future. Nonetheless, several milestones are yet to be achieved before such an ETF becomes a reality in the market.

In a related development, BlackRock, the global investment management corporation, has reportedly submitted an updated Bitcoin ETF prospectus earlier Thursday.

This move is believed to be a response to comments from the SEC, mirroring actions previously taken by other financial entities such as Ark and Fidelity.

Read Next: Gensler Compares Bitcoin ETF Review To IPO Process, Says SEC Is Working On Them

Join Benzinga's Fintech Deal Day & Awards on Nov. 13 and Future of Digital Assets on Nov. 14 in New York City to stay updated on trends like AI, regulations, SEC actions and institutional adoption in the crypto space. Secure early bird discounted tickets now!

Photo: Shutterstock