Bitcoin

Grayscale Bitcoin Trust

James

Grayscale, a digital asset management giant, reportedly filed its third amendment to convert the <a href="https://news.todayq.com/grayscale-crypto-funds-hit-premiums-amid-etf-hopes/" rel="noopener noreferrer nofollow">Grayscale Bitcoin Trust </a>(GBTC) into a Bitcoin exchange-traded fund (ETF). This development was noted by James Seyffart, an ETFs and Cryptos expert for Bloomberg. He highlighted that the amendment primarily includes additional exhibits related to the trust’s third-party relationships. What’s new in the filing? 
Grayscale filled for the with the US Securities and Exchange Commission (SEC) on December 29, 2023. However, the explanatory note from Grayscale Bitcoin Trust in the filing clarifies that Amendment No. 3 is being submitted solely to include some exhibits. It added that the amendment does not modify any provisions of the prospectus forming part of the Registration Statement.
Eric Balchunas, Senior ETF Analyst for Bloomberg, also commented on the latest Grayscale amendment. He mentioned that the language in the filing specifies a cash-only mechanism, but there is still no designated Authorized Participant (AP) named. The absence of a specified AP is notable as the US SEC typically requires such information. Balchunas pointed out that there is no information on fees provided in the filing. Will Grayscale get an approval? 
It is important to note that Grayscale filed an application with NYSE Arca, Inc. on October 19, 2021, seeking approval to list the shares of Grayscale Bitcoin Trust on NYSE Arca. The filing also mentions the Trust’s intention to rely on an exemption or relief from Regulation to operate a redemption program.
However, as of the filing date, the NYSE Arca application had not received approval from the SEC, and an exemption or relief from Regulation was not available. The Trust does not provide a timeline for obtaining such approval and relief.
Regarding the expenses of issuance and distribution, the filing clarifies that the Trust does not bear any such expenses.
The latest amendment indicates Grayscale’s ongoing efforts to navigate the regulatory landscape and secure approval for a Bitcoin ETF, a development that could have significant implications for the broader cryptocurrency market.
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Grayscale Bitcoin Trust (GBTC) files Third ETF amendment, What’s new?

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