<\/p>\n
Crypto giant Grayscale just filed a new registration statement with the U.S. Securities and Exchange Commission (SEC) as it bids to convert its flagship Bitcoin (BTC<\/a>) Trust product into a spot Bitcoin exchange-traded fund (ETF).<\/p>\n In a statement<\/a>, the world\u2019s largest crypto asset manager says it just submitted to the securities regulator a Form S-3 registration statement to register shares of the Grayscale Bitcoin Trust (GBTC) under the Securities Act.<\/p>\n Form S-3 is a simplified form for registering securities with the SEC and can only be used by companies that have satisfied other reporting requirements. The filing is a shorter version of Form S-1 that is filed in anticipation of an initial public offering (IPO).<\/p>\n Grayscale says it meets the eligibility criteria for Form S-3.<\/p>\n \u201cTypically, issuers file a registration statement on Form S-1 for their initial public offering of equity securities registered under the Securities Act. GBTC, however, is eligible to use Form S-3, a shorter filing that incorporates by reference its SEC disclosures and reports, because its shares have been registered under the Securities Exchange Act of 1934 since January 2020 and it meets the other requirements of the form.\u201d<\/em><\/p>\n Grayscale says it is ready to operate GBTC as an ETF once it secures regulatory approvals.<\/p>\n \u201cBefore GBTC can convert to an ETF and issue shares on a registered basis pursuant to the Form S-3, NYSE Arca\u2019s 19b-4 application must be approved, an exemption or other form of Regulation M relief must be available and the Form S-3 must be declared effective by the SEC.\u201d<\/em><\/p>\n The development comes amid reports that the SEC will not challenge<\/a> the appeals court ruling that the agency\u2019s denial of Grayscale\u2019s application to offer a spot Bitcoin ETF is unlawful for using inconsistent and discriminatory standards.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
\n
\nCheck Price Action<\/a><\/span><\/em>
\n
\nFollow us on Twitter<\/a>, Facebook<\/a> and Telegram<\/a><\/span><\/em>
\n
\nSurf The Daily Hodl Mix<\/a><\/span><\/em>
\n<\/p>\n