Grayscale Spot Bitcoin ETF Now Amended To S-3 Form

Key Points:

• Grayscale files revised S-3 with SEC, signaling a move towards the Grayscale spot Bitcoin ETF approval and accepting cash-only orders.
• The filing demonstrates Grayscale’s compliance with SEC regulations, adjusting its process for creating and redeeming baskets to align with the regulatory mandate.
• Grayscale’s proactive strategy, including updates and discussions, positions the firm for competition in the ETF market, with a focus on the upcoming January approval deadline.

Grayscale Investments, in its latest move towards obtaining approval for the Grayscale spot Bitcoin ETF, has filed a revised S-3 form with the Securities and Exchange Commission (SEC).

Read more: Grayscale Ethereum ETF Application Now Delayed From SEC

Grayscale Investments Files Revised S-3 for Grayscale Spot Bitcoin ETF Approval

Bloomberg analyst James Seyffart reported on the development, stating that Grayscale is now embracing the SEC’s cash-only creation/redemption requirement for its Grayscale Bitcoin Trust (GBTC) fund.

The filing outlines the Trust’s willingness to accept cash-only orders, despite its usual process of creating and redeeming baskets through Bitcoin transactions. This adjustment comes as Grayscale seems to be aligning with SEC regulations, with Seyffart noting that the asset manager is “bending the knee” to comply with the regulatory mandate.

An S-3 form is a standard regulatory filing used to issue new shares or convert existing securities, and the company has been actively updating its 2018 filing for Grayscale spot Bitcoin ETF. Previous modifications, proposed in November, included changes to the fee collection structure and adjustments to how assets are combined in an omnibus account.

Notably, the filing follows a meeting between Hashdex and the SEC to discuss ETFs, held at the office of SEC Chairman Gensler. This signals Grayscale’s strategic positioning in the competitive ETF market, especially as the January approval deadline approaches.

The news coincides with the resignation of Barry Silbert, the chairman of Grayscale’s board, effective January 1, along with Mark Murphy, the COO of Digital Currency Group, which Silbert founded.