Grayscale Bitcoin Trust made a significant move by submitting its third amended S-3 filing to the U.S. Securities and Exchange Commission (SEC). According to reports, this latest amendment, labeled as amendment number 3, aims to convert GBTC into a spot Bitcoin ETF.
The timing is crucial, as the a window for potential approval of spot Bitcoin ETF is expected to be between January 5th – 10th, 2024.
Metaverse Post reported last week that the digital currency asset management firm submitted a revised S-3 filing to the United States Securities and Exchange Commission (SEC). In the amended S-3 filing, Grayscale aligned with the cash creation model, as suggested earlier by the regulator.
According to a filing with the SEC dated January 2, Grayscale utilized an S-3 form for this purpose. The amendment specifically addresses the registration statement and focuses on filing certain exhibits. It’s important to note that this amendment does not alter any provision of the prospectus that is part of the registration statement.
Eric Balchnas, a senior ETF analyst at Bloomberg, took social platform X to say, “New Grayscale amendment just dropped. Clear language on cash only but still no AP named, just blanks where name should go. Not sure why since SEC wants to see it and they have been pretty cocksure about having one. Also, nothing on fee (that I could see).”
New Grayscale amendment just dropped. Clear language on cash only but still no AP named, just blanks where name should go. Not sure why since SEC wants to see it and they have been pretty cocksure about having one. Also, nothing on fee (that I could see). That's big open q too. https://t.co/tQ9MTBlvg8 pic.twitter.com/id8Tb8ImaP
— Eric Balchunas (@EricBalchunas) January 2, 2024
Balchnas emphasized the clarity in language regarding cash-only transactions but pointed out the absence of an Authorized Participant (AP) name.
“Big Work Week” for GrayScale
Michael Sonnenshein, CEO of GrayScale, also shared his perspective on social media platform X (formerly Twitter) at the same time, mentioning a “big work week.”
big work week.
— Sonnenshein (@Sonnenshein) January 2, 2024
Sonnenshein appears to be alluding to the upcoming significant events in the crypto market as the SEC gears up to announce the potential approval of the spot Bitcoin ETF. Reports suggest that the SEC might communicate with Bitcoin ETF issuers as early as January 6.
The development follows Grayscale’s recent filing amendment to convert the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF. The decision came after Barry Silbert, chairman of Grayscale Investments, stepped down from his position. Many analysts assert that Grayscale is seemingly complying with the SEC’s preference for cash-only orders.
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