Grayscale Investments, a leading crypto asset manager, has submitted an S-3 filing to the Securities and Exchange Commission (SEC) in a bid to transform its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin Exchange-Traded Fund (ETF). The news came to light on Thursday.
The S-3 filing is a condensed version of an S-1 filing, and its submission is part of Grayscale's ongoing efforts to secure SEC approval for their Bitcoin ETF. This move places Grayscale in competition with BlackRock Inc (NYSE:BLK) and Fidelity, who are also seeking SEC approval for their respective Bitcoin ETFs.
Grayscale's shares have been recognized under the Securities Exchange Act of 1934 since January 2020, allowing the firm to use Form S-3. The company plans to list its shares on NYSE Arca under the ticker GBTC, pending approval of NYSE Arca's application on Form 19b-4 and validation of the form S-3.
The timing of this registration is strategic, as it comes ahead of an expected court mandate from the U.S. Court of Appeals for the D.C. Circuit. The court is anticipated to reaffirm a ruling made in August.
Grayscale was founded in 2013 and offers access to the digital economy through regulated investment products. It provides single asset, diversified, and thematic exposure via Grayscale Securities, LLC. The firm's application for SEC registration is still pending, prohibiting any unlawful sales or purchase offers until approval is granted.
This development was one of many topics discussed at Benzinga's Future of Digital Assets conference. SEC Chair Gary Gensler has previously likened the Bitcoin ETF review process to that of an initial public offering (IPO), emphasizing the importance of regulatory compliance in the crypto sector.
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