Main cryptocurrency funding agency Grayscale has filed a brand new software with the Securities and Trade Commission (SEC) for a brand new spot Bitcoin (BTC) exchange-traded fund (ETF).

Grayscale on Oct. 19 submitted an S-3 kind registration assertion with the SEC meaning to record the shares of Grayscale Bitcoin Belief on the New York Inventory Trade (NYSE) Arca below the ticker image GBTC.

The brand new submitting comes in keeping with Grayscale’s ongoing effort to transform its Grayscale Bitcoin Belief right into a spot Bitcoin ETF, in accordance with a press release by Grayscale. 

“We stay dedicated to working collaboratively and expeditiously with the SEC on behalf of GBTC’s buyers,” the agency wrote within the announcement.

The newest S-3 registration assertion is a shorter submitting model of a typical kind S-1 assertion that targets preliminary public providing of fairness securities registered below the Securities Act.

“GBTC, nevertheless, is eligible to make use of Kind S-3, a shorter submitting that includes by reference its SEC disclosures and reviews, as a result of its shares have been registered below the Securities Trade Act of 1934 since January 2020 and it meets the opposite necessities of the shape,” Grayscale famous.

The agency talked about that Grayscale will be capable of convert GBTC to an ETF and concern shares on a registered foundation as soon as NYSE Arca’s 19b-4 software is authorized and the Kind S-3 should be declared efficient by the SEC. The announcement added:

“Importantly, GBTC is able to function as an ETF upon receipt of those regulatory approvals, and on behalf of GBTC’s buyers, Grayscale seems ahead to working collaboratively and expeditiously with the SEC on these issues.”

The information comes weeks after Grayscale gained an SEC lawsuit for its spot Bitcoin ETF assessment, with a U.S. appeals courtroom ordering the SEC to elucidate why it rejected Grayscale’s software in June 2023. The corporate additionally filed with the SEC to record an Ether (ETH) futures ETF in September.

Associated: Grayscale GBTC low cost falls to 16% as markets guess on Bitcoin ETF approval

Grayscale is certainly one of a number of firms looking for SEC’s approval to launch a spot Bitcoin ETF, together with firms like ARK Funding, BlackRock, Constancy and others.

In line with Bloomberg Intelligence analyst James Seyffart, BlackRock filed an up to date Bitcoin ETF prospectus on Oct. 19 as properly. The submitting is “seemingly their response to SEC feedback like we have seen from Ark, Constancy, and others,” he stated, including that it brings “extra affirmation that issuers are in talks with the SEC.”

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