Bitcoin

Grayscale Bitcoin Trust

James

<div class="cryptonews">
 <p class="is-style-lead">Crypto asset manager Grayscale recently unveiled an updated version of its spot Bitcoin exchange-traded fund (ETF) following discussions with the US Securities and Exchange Commission (SEC).</p>
 <p>According to Bloomberg researcher James Seyffart, the <a rel="noopener noreferrer nofollow" title="update" href="https://thebittimes.com/tag/update.html">update</a>d documentation contains a plan to change GBTC’s ticker to BTC.</p>
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    <p lang="en" dir="ltr">Update: New Grayscale S-3/Prospectus #Bitcoin ETF filing to convert $GBTC. Right off the bat the biggest <a rel="noopener noreferrer nofollow" title="update" href="https://thebittimes.com/tag/update.html">update</a> is the plan to change $GBTC's ticker to $BTC (which was expected). Skimming through the rest now. pic.twitter.com/W9uNdAHLMv</p>— James Seyffart (@JSeyff) November 22, 2023
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 <p>After carefully reviewing the revised documentation, Seyffart noted that it is unlikely to contain significant changes compared to the previous version. However, the current version has significant changes from the original submission, as he stated:<br>“in this amendment, the shades of gray have changed a lot from the original.”</p>
 <p>He noted that the new documentation has reduced the clause regarding cash orders. In addition, the new document completely removes the “risk disclosure” pages. In reference to the registration forms used by the SEC, he said:</p>
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  <p>“It looks like they’re cutting this particular file short and telling people they can just look at the risk factors in those 10-ks, 8-ks, and 10-Qs they’ve already filed. I guess there is no reason to duplicate the S-3?”</p> <cite>James Seyffart </cite>
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 <p>He added that the amendments and changes in the prospectus only confirm that the company is negotiating with the SEC, receiving feedback from the regulator, and adjusting its documentation accordingly.</p>
 <p>Grayscale <a rel="noopener noreferrer nofollow" title="update" href="https://thebittimes.com/tag/update.html">update</a>d its prospectus following a <a rel="noopener noreferrer nofollow" title="meeting" href="https://thebittimes.com/tag/meeting.html">meeting</a> with representatives of the SEC’s Division of Trading and Markets earlier this month.</p>
 <p>At that meeting, Grayscale’s top executives were in attendance, including CEO Michael Sonnenshine, chief legal officer Craig Salm, and director of exchange-traded funds Dave LaValle.</p>
 <p>The parties discussed NYSE Arca’s proposed change to the listing and trading rules for Grayscale Bitcoin Trust (BTC) and shares in accordance with NYSE Arca Rule 8.201-E.</p>
 <p>The <a rel="noopener noreferrer nofollow" title="update" href="https://thebittimes.com/tag/update.html">update</a>d documentation comes as ETF pioneer Blackrock, owner of propriatary trading software Aladdin, also eyes a perspective spot BTC ETF in accordance with SEC approval.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/grayscale-updates-spot-bitcoin-etf-application-after-meeting-with-sec-tbt71370.html">https://thebittimes.com/grayscale-updates-spot-bitcoin-etf-application-after-meeting-with-sec-tbt71370.html</a></p>

Grayscale updates spot Bitcoin ETF application after meeting with SEC

TheBitTimes

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