Grayscale Investments has submitted a new registration statement to the Securities and Exchange Commission (SEC) to secure approval for its Grayscale Bitcoin Trust to transition into a spot bitcoin ETF, it said in a statement.
Grayscale filed an S-3 registration statement, a shorter version of the typical S-1 filing used for offering new shares.
“Typically, issuers file a registration statement on Form S-1 for their initial public offering of equity securities registered under the Securities Act. GBTC, however, is eligible to use Form S-3, a shorter filing that incorporates by reference its SEC disclosures and reports, 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 statement read.
The asset manager’s latest action aligns with other major players in the industry, such as BlackRock and Fidelity, who are also seeking SEC approval for spot bitcoin ETFs.
This move follows a pivotal ruling by the D.C. Circuit Court, directing the SEC to re-review Grayscale’s application.
The filing comes a day before the U.S. Court of Appeals for the D.C. Circuit is expected to issue a court mandate reaffirming its initial ruling from August, seen as a final step in the matter. Although the SEC did not appeal for a rehearing last week, signaling optimism for a spot bitcoin ETF, several steps remain before one enters the market.
Grayscale initiated the case against the SEC last year after the rejection of its proposal to convert its flagship fund, GBTC, into a spot bitcoin ETF. In a recent letter to the SEC, the asset manager sought a meeting with regulators to discuss the conversion of its Grayscale Bitcoin Trust into a spot bitcoin ETF.
SEC Chair Gary Gensler, when asked about Grayscale, mentioned that the agency’s staff is working on multiple filings and emphasized the thorough process involved in bringing exchange-traded products public. He highlighted the critical role of the Division of Corporation Finance and the Division of Trading and Markets, which provide feedback to potential issuers during the registration process.
