Grayscale Investments is stepping up its efforts to bring a Bitcoin ETF to the market. Following a recent ruling by the United States Court of Appeals for the District of Columbia Circuit, which urged the Securities and Exchange Commission (SEC) to reevaluate its application, Grayscale submitted a fresh registration statement to the SEC .
This latest development involves the filing of an S-3 registration form with the SEC on October 19. The purpose is to list the shares of the Grayscale Bitcoin Trust on the New York Stock Exchange (NYSE) Arca under the symbol GBTC.
It is part of Grayscale’s ongoing effort to transform its Bitcoin Trust into a Bitcoin Cash ETF.
What sets this filing apart is its reliance on Form S-3, a shorter version of the typical S-1 statement used in initial public offerings.
Grayscale argues that GBTC qualifies for use of Form S-3 because its shares have been registered under the Exchange Act of 1934 since January 2020, meeting the necessary requirements.
The company has indicated its willingness to operate as an ETF once regulatory approvals are obtained, emphasizing its commitment to GBTC investors.
This latest development follows a legal victory for Grayscale in the SEC lawsuit related to its review of Bitcoin Cash ETFs.
The Court of Appeals for the District of Columbia ordered the SEC to provide a detailed explanation for its rejection of Grayscale’s application in June 2023.
GRAYSCALE IS NOT ALONE IN THE RACE FOR A BITCOIN ETF
Several major companies, including ARK Investment, BlackRock and Fidelity, are also seeking SEC approval for similar products.
BlackRock, for example, recently updated its Bitcoin ETF prospectus, indicating that talks with the SEC are ongoing.
While the industry is increasingly optimistic about the approval of a Bitcoin ETF, it is essential to understand that there are still several steps to complete before these projects can hit the market.