Updates on Spot Bitcoin ETF: Grayscale Submits Revised S-3 to SEC for Consideration

Grayscale Bitcoin Trust has taken a crucial step by filing a third amended S-3 with the SEC. This particular amendment, referred to as amendment number three, is aimed at transforming GBTC into a spot. Bitcoin ETF .

Timing is key here, as the chance for the approval of a spot Bitcoin ETF is anticipated between January 5 and January 10, 2024.

Metaverse Post reported Just last week, it was reported that the digital asset management firm revised its S-3 submission to the SEC. The updated document aligns with the cash creation model that the regulator recommended earlier.

In a statement filed on January 2 with the SEC, Grayscale employed an S-3 form to facilitate this process. This amendment precisely addresses the registration statement while focusing on filing specific exhibits. It's noteworthy that this amendment doesn’t change any aspects of the prospectus included in the registration statement.

Eric Balchunas, a senior ETF analyst at Bloomberg, took to platform X to share insights, stating, 'A new amendment from Grayscale just came in. The language is clear about cash transactions, but there's still no name listed for the Authorized Participant – just placeholders where their name should be. It's puzzling since the SEC is interested in this, and they've been quite confident about having one. Also, I didn't see any details regarding fees.'

Balchunas pointed out the clarity surrounding cash transactions, while also highlighting the missing Authorized Participant name.

“Big Work Week” for GrayScale

Michael Sonnenshein, Grayscale's CEO, also spoke up on platform X concurrently, sharing that this week is set to be quite significant.

Sonnenshein seems to hint at the upcoming major developments in the scenario, particularly as the SEC prepares to announce potential approval for the spot Bitcoin ETF. Some reports indicate that the SEC could reach out to Bitcoin ETF issuers as soon as January 6. crypto market This situation comes on the heels of Grayscale’s recent amendment aimed at converting the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF. This strategic decision followed the resignation of Grayscale Investments' chairman. Analysts suggest that Grayscale appears to be aligning with the SEC’s preference for cash-only transactions.

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