Kenne Michael 
Grayscale Investments, a crypto assets manager, has updated its spot Bitcoin ETF filing after recent deliberations with the Securities and Exchange Commission (SEC) of the United States.
The SEC and BlackRock, among other issuers of spot Bitcoin ETFs, are engaged in productive discussions; these firms intend to authorize a spot Bitcoin ETF first in the United States.
Grayscale Files Revised Spot Bitcoin ETF Prospectus
Grayscale submitted an S-3 form for spot Bitcoin ETF filing with the U.S. Securities and Exchange Commission (SEC) on November 22, intending to convert GBTC.
The action follows a meeting between Grayscale and the SEC’s Division of Trading and Markets.
Under NYSE Arca Rule 8.201-E, Grayscale executives, including CEO Michael Sonnenshein, deliberated on the proposed rule change.
This change would permit NYSE Arca to list and trade the Grayscale Bitcoin Trust (BTC) shares.
Following a judge’s request that the SEC reconsider Grayscale’s requests to convert its Bitcoin trust to a spot Bitcoin ETF, productive deliberations ensued to approve the first spot Bitcoin ETF in the United States.
Meanwhile, additional industry titans, including BlackRock and Fidelity, compete to have their spot Bitcoin ETF approved first.
What Has Been Modified in the Filing
James Seyffart, an analyst at Bloomberg, remarked that Grayscale substantially revised this amendment compared to the initial filing.
He observed that pages of risk disclosures were removed, and a line related to cash orders was shortened in the application.
“Looks like they are shortening up this particular filing and telling people they can just view the risk factors in the 10-ks, 8-ks ,and 10-Q’s they already file/filed. No reason to duplicate in the S-3’s i guess?”
Since broker dealers are unable to transact in Bitcoin, the SEC prefers that Bitcoin ETF issuers use cash creates rather than crypto.
The Greyscale filing, on the other hand, states, “The redemptions of shares pursuant to cash orders will only take place if approved by the sponsor in writing, in its sole discretion.”
