Grayscale Submits Application for Bitcoin ETF on NYSE Arca

5:57 pm
October 19, 2023
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Grayscale Investments, a prominent cryptocurrency investment firm, has filed an application with the United States Securities and Exchange Commission (SEC) for a spot Bitcoin exchange-traded fund (ETF). The application aims to list the shares of Grayscale Bitcoin Trust on the New York Stock Exchange (NYSE) Arca under the ticker symbol GBTC.

The filing is part of Grayscale’s ongoing efforts to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF. The company remains committed to working with the SEC for the benefit of GBTC’s investors.

The latest filing, known as an S-3 registration statement, is a condensed version of the traditional S-1 form used for initial public offerings. Grayscale explained that GBTC is eligible to use the S-3 form due to its registration under the Securities Exchange Act of 1934 and compliance with other requirements.

Once NYSE Arca’s 19b-4 application is approved and the SEC declares the Form S-3 effective, Grayscale will be able to convert GBTC into an ETF and issue registered shares.

Earlier this year, Grayscale won a lawsuit against the SEC regarding the review of its spot Bitcoin ETF, prompting the regulator to explain its rejection of the application. In September, the company also filed with the SEC to list an Ether futures ETF.

Grayscale is among several companies, including ARK Investment, BlackRock, and Fidelity, seeking SEC approval for a spot Bitcoin ETF.

Bloomberg Intelligence analyst James Seyffart revealed that BlackRock filed an updated Bitcoin ETF prospectus on the same day as Grayscale. This filing suggests that issuers are engaged in discussions with the SEC.

FAQs

What is Grayscale?

Grayscale Investments is a major cryptocurrency investment firm that offers investment trusts for various digital assets, including Bitcoin.

What is an ETF?

An exchange-traded fund (ETF) is a type of investment fund that trades on a stock exchange. It offers exposure to a basket of assets, such as stocks, bonds, or commodities, and allows investors to purchase shares representing ownership in the portfolio.

Why are companies seeking approval for a Bitcoin ETF?

A Bitcoin ETF would make it easier for institutional and retail investors to gain exposure to Bitcoin without directly owning the cryptocurrency. It would also provide a regulated and accessible investment vehicle for those interested in the crypto market.

Summary

Cryptocurrency investment firm Grayscale Investments has submitted an application to the SEC for a spot Bitcoin ETF on NYSE Arca. The company is seeking to convert its Grayscale Bitcoin Trust into an ETF and is actively working with the SEC to obtain the necessary approvals. This move aligns with other firms’ efforts to introduce a Bitcoin ETF to the market, reflecting growing interest and demand for regulated investment vehicles in the cryptocurrency space.


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