The Grayscale firm filed an S-3 form with the US SEC, to secure regulatory approval for its Bitcoin spot ETF product.
Grayscale is a popular digital assets fund manager firm. This company provides investment in flagship crypto assets via its funds. In Bitcoin, Grayscale provides investment via Green Bitcoin (GBTC). Since late 2021, this firm has been trying to convert its GBTC fund into a Bitcoin spot ETF.
On 19 Oct 2023, Grayscale submitted a new S-3 form for its Bitcoin spot ETF product with the United States Securities and Exchange Commission (SEC).
This form is a short version of the S-1 form which provides the ability for the applicants to offer equity securities registered under the Securities Act.
If the SEC approves Grayscale’s Bitcoin spot ETF application then Grayscale firm will be able to launch its product on the New York Stock Exchange (NYSE) Arca under the ticker symbol GBTC.
Grayscale vs SEC
The grayscale firm has been trying to convert its GBT into a Bitcoin spot ETF product since late 2021 but failed, as the US SEC rejected its application, including similar applications by the other fund managers.
In response, the Grayscale firm sued the US SEC & alleged that the regulatory body blindly rejected its application.
In Aug of this year, the U.S. District of Columbia Court of Appeals ruled that Grayscale’s Bitcoin spot ETF application rejection by the US SEC was wrong & ordered the regulatory body to again review the application.
Nearly 50 days have been completed and Grayscale expects that in a few days, it will secure regulatory approval. However, some people said that it will not be easy for Grayscale to secure regulatory approval for its application because the SEC body is busy to sue crypto companies & that requires lots of work & also the SEC body will spend its majority of the times for the non-crypto focused application, over crrypto applications.
Read also: In this unique scenario, Bitcoin may hit $200,000 in the next year
Grayscale files new Bitcoin spot ETF registration for its GBTC
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