Grayscale Tweaks Bitcoin ETF Filing, Awaiting SEC Approval!

  • Grayscale has revised its spot Bitcoin ETF application following discussions with the SEC.
  • Bloomberg analyst James Seyffart notes that the revised filing includes only minor changes.
  • “Grayscale’s amendment signals a strategic move in their pursuit of ETF approval,” Seyffart comments on the filing’s minimal adjustments.

Grayscale Investments has submitted a revised version of its spot Bitcoin ETF filing to the SEC, featuring minimal amendments, signaling a continued push towards obtaining regulatory approval.

Grayscale’s Revised Filing: A Closer Look

Following recent discussions with the U.S. Securities and Exchange Commission (SEC), Grayscale Investments has submitted an updated version of its spot Bitcoin ETF filing. Bloomberg researcher James Seyffart examined the revised document and observed that the changes were minimal. The alterations include shortening a line regarding cash orders and removing pages that cited risk disclosures. This submission comes in the wake of the SEC’s request for amendments from crypto firms awaiting ETF approvals.

Grayscale’s Strategic Discussions with the SEC

On November 20, Grayscale executives, including CEO Michael Sonnenshein, Legal Chief Officer Craig Salm, and ETF Head Dave LaValle, met with SEC regulators. The meeting aimed to discuss the necessary updates in Grayscale’s new filing, a critical step in the process of obtaining approval for their spot Bitcoin ETF proposal.

Understanding the Amendments in the New Filing

Upon reviewing the revised filing, Seyffart pointed out that the changes, compared to the original submission, were significant. The most notable amendments involve a condensed section on cash orders and the complete removal of risk disclosure pages. Seyffart suggested that Grayscale’s decision to omit the risk factors from the S-3 filings might be due to these factors being already covered in other regulatory documents like 10-ks, 8-ks, and 10-Q’s.

The Misconception Around GBCT’s Ticker Change

Initially, there was a misconception that Grayscale proposed changing the GBCT ticker to BTC. However, Seyffart later clarified that this was not the case. Instead, he mentioned Grayscale’s filing for their Global Composite Bitcoin ETF, which is registered under the BTC ticker, though it may not have been launched yet.

Conclusion

Grayscale’s latest revision to its Bitcoin ETF filing, while minimal, reflects the company’s ongoing efforts to align with SEC regulations and gain approval. The subtle yet strategic changes in the filing underscore Grayscale’s commitment to navigating the complex regulatory landscape and advancing their ETF offering in the crypto market.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

German Government Sells 49,858 Bitcoins, Missing Out on $2.03 Billion Profit

Recent reports from Arkham Data reveal that the German...

Unlocking BTC Liquidity: Zeus Network Launches Phase One of ZEUS Token to Transform Solana’s DeFi Ecosystem

On November 23rd, COINOTAG News reported that Zeus Network...

Whale Moves 6,404 ETH to Binance Amid $21 Million Transaction – What It Means for Ethereum

According to a recent analysis by on-chain expert Embermonitor,...

MicroStrategy Leverages Bitcoin for Financial Operations, Enhancing Shareholder Value

In a recent update on November 22, Michael Saylor...

Solana (SOL) Emerges as the Next Big Thing in Crypto, According to Bitwise CEO Hunter Horsley

In a recent statement on November 22, 2023, Bitwise...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img