Bitcoin ETF

Bitcoin

Grayscale Bitcoin Trust

James

<div class="cryptonews">
 <p class="is-style-lead">Crypto asset manager Grayscale has updated its S-3 filing for a spot Bitcoin (BTC) ETF.</p>
 <p>According to Bloomberg analyst James Seyffart, Grayscale filed an updated <a rel="noopener noreferrer nofollow" title="filing" href="https://thebittimes.com/tag/filing.html">filing</a> with the U.S. Securities and Exchange Commission (SEC) the same day Barry Silbert — CEO of parent company Digital Currency Group —&nbsp;announced his <a rel="noopener noreferrer nofollow" title="resignation" href="https://thebittimes.com/tag/resignation.html">resignation</a> from Grayscale’s board of directors.</p>
 <blockquote class="wp-block-quote">
  <p>“Even Grayscale is accepting the SEC’s Cash-only creation/redemption edict. Looks like they’re bending the knee.”</p> <cite>James Seyffart, Bloomberg analyst </cite>
 </blockquote>
 <p>Some crypto market commentators have speculated that Silbert’s departure could significantly increase the chances of Grayscale successfully converting its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, which is currently awaiting an SEC decision.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">Barry's <a rel="noopener noreferrer nofollow" title="resignation" href="https://thebittimes.com/tag/resignation.html">resignation</a> was @Sonnenshein's X-Mas gift.<br><br>What to make of @bsilbert resigning from Grayscale?<br><br>Grayscale has had 9 meetings with the SEC per the table below (h/t @JSeyff)<br><br>Today, there are only allegations against DCG which have not been resolved in a court of law.… https://t.co/d7tZFFAOoU pic.twitter.com/NjjdWq0F3a</p>— Ram Ahluwalia CFA, Lumida (@ramahluwalia) December 26, 2023
   </blockquote>
  </div>
 </figure>
 <p>Aside from Silbert’s <a rel="noopener noreferrer nofollow" title="resignation" href="https://thebittimes.com/tag/resignation.html">resignation</a>, according to Bloomberg ETF senior analyst Eric Balchunas, the most notable element of the amended S-3 <a rel="noopener noreferrer nofollow" title="filing" href="https://thebittimes.com/tag/filing.html">filing</a> was that Grayscale had “finally given in” to the cash creation model.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">Grayscale finally surrendering to cash-only creations, was a big holdout. Pretty sure they have an AP agreement (a crucial last step) so that would check all the boxes. That said, still a mystery whether they will be allowed to go on day one of the Cointucky Derby https://t.co/Wm7TfD3zkP</p>— Eric Balchunas (@EricBalchunas) December 26, 2023
   </blockquote>
  </div>
 </figure>
 <p>On Dec. 26, Silbert left the board of directors of the project’s subsidiary, Grayscale Investments.</p>
 <p>Why Silbert decided to distance himself from Grayscale is unknown.</p>
 <p>Previously, the businessman found himself at the center of several scandals. From the end of 2022 to the beginning of 2023, Silbert became a participant in a conflict that broke out between DCG and the Gemini crypto exchange; and in June 2023, he was suspected of financial fraud.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Gemini: Barry Silbert’s DCG continues to ‘gaslight creditors’
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/grayscale-updates-spot-bitcoin-etf-filing-amid-silbert-s-resignation-tbt74850.html">https://thebittimes.com/grayscale-updates-spot-bitcoin-etf-filing-amid-silbert-s-resignation-tbt74850.html</a></p>

Grayscale updates spot Bitcoin ETF filing amid Silbert’s resignation

TheBitTimes

Other articles published on Dec 27, 2023

From Boom To Gloom: Crypto VC Funding Takes A 68% Hit In 2023

Billionaire Investor Tim Draper Shares His Bitcoin Price Prediction for 2024

Bitcoin Transaction Fees Surge, Surpassing Ethereum

KyberSwap’s CEO Says Staff Strength Reduced by 50% Following Exploit and Related Challenges

Kyber Network Navigates Security Breach Fallout with CEO Victor Tran Leading the Charge

KyberSwap Slashes Workforce by 50% Following $48.8M Exploit

Join our free newsletter for daily crypto updates!