Grayscale Spot Bitcoin ETF Newly Updated During Critical Time

Key Points:

• Grayscale Bitcoin Trust submitted its third amendment to the SEC, aiming to convert GBTC into a Grayscale spot Bitcoin ETF during the potential approval window of January 5-10, 2024.
• The filing emphasizes additional evidence of the trust’s third-party relationships with a clearer stance on cash-only orders.

Grayscale Bitcoin Trust (GBTC) has made its third amendment filing, marked as amendment no. 3, to the U.S. Securities and Exchange Commission (SEC) seeking approval to convert GBTC into a Grayscale spot Bitcoin ETF.

Grayscale Pursues Grayscale Spot Bitcoin ETF Approval Amid SEC Amendments

The filing comes at a crucial time, aligning with the potential approval window for spot Bitcoin ETFs from January 5-10, 2024.

Bloomberg ETF analyst James Seyffart reported on social media about Grayscale’s latest S-3 filing, noting it as the third amendment for the conversion to a Bitcoin ETF. This revision appears to focus on providing additional evidence related to the third-party relationships of the trust.

In the January 2 filing with the SEC, Grayscale submitted an S-3 form, specifically for filing certain exhibits, without modifying any provisions in the prospectus forming part of the registration statement.

While details remain scarce, analysts Seyffart and Eric Balchnas highlighted the addition of exhibits related to the trust’s third-party relationships. Balchnas noted clarity in the language regarding cash-only orders but emphasized the absence of an Authorized Participant (AP) name.

Grayscale CEO Michael Sonnenshein hinted at an important week for the crypto market, coinciding with the SEC’s anticipated announcement on Grayscale spot Bitcoin ETF approval. Reports suggest the SEC may reach out to Bitcoin ETF issuers as early as January 6.

In a related development, last week, Grayscale amended its filing for the conversion of the GBTC into a spot Bitcoin ETF, following the resignation of Grayscale Investments’ chairman, Barry Silbert. Analyst Seyffart suggested Grayscale’s compliance with the SEC’s cash-only mandate, describing it as the company “bending the knee” in acknowledgment.