Grayscale moves along bitcoin ETF bid with ‘procedural milestone’
The post Grayscale moves along bitcoin ETF bid with ‘procedural milestone’ appeared on BitcoinEthereumNews.com. Grayscale Investments is looking to advance its bid to launch a spot bitcoin ETF application after the Securities and Exchange Commission opted not to appeal the company’s August court win. The crypto-focused asset manager continued its quest to convert its Grayscale Bitcoin Trust (GBTC) to an ETF — an effort the SEC blocked, and was subsequently sued for last year — with a new filing Thursday. The action is “more of a procedural milestone” for the firm to kick off conversations with another SEC division as the lawsuit wraps up, a person familiar with the filing told Blockworks. The DC Circuit Court of Appeals ruled in August that the SEC’s actions in denying this conversion, but allowing bitcoin futures ETFs to trade, was “arbitrary and capricious.” The regulator did not challenge that decision, as the firm — and industry — now await a final mandate by the court this week. Read more: ‘Game on’: SEC opts not to appeal Grayscale’s court win In the meantime, Grayscale filed with the SEC Thursday to register shares of the GBTC under the Securities Act of 1933 via an S-3 form. ETF issuers typically file a registration statement on Form S-1 for the initial public offering of equity securities registered under the act. Grayscale was eligible to use the S-3 form — a more simplified document — in part because GBTC became an SEC reporting company in January 2020, the company said in a Thursday blog post. The filing is another step toward getting GBTC converted to an ETF — a prospect industry watchers have said they believe became more likely after the Court of Appeals’ August ruling. Ultimately, three things must happen for the conversion to occur, Grayscale noted in the post. NYSE Arca’s 19b-4 filing — the subject of what was litigated…
The post Grayscale moves along bitcoin ETF bid with ‘procedural milestone’ appeared on BitcoinEthereumNews.com.
Grayscale Investments is looking to advance its bid to launch a spot bitcoin ETF application after the Securities and Exchange Commission opted not to appeal the company’s August court win. The crypto-focused asset manager continued its quest to convert its Grayscale Bitcoin Trust (GBTC) to an ETF — an effort the SEC blocked, and was subsequently sued for last year — with a new filing Thursday. The action is “more of a procedural milestone” for the firm to kick off conversations with another SEC division as the lawsuit wraps up, a person familiar with the filing told Blockworks. The DC Circuit Court of Appeals ruled in August that the SEC’s actions in denying this conversion, but allowing bitcoin futures ETFs to trade, was “arbitrary and capricious.” The regulator did not challenge that decision, as the firm — and industry — now await a final mandate by the court this week. Read more: ‘Game on’: SEC opts not to appeal Grayscale’s court win In the meantime, Grayscale filed with the SEC Thursday to register shares of the GBTC under the Securities Act of 1933 via an S-3 form. ETF issuers typically file a registration statement on Form S-1 for the initial public offering of equity securities registered under the act. Grayscale was eligible to use the S-3 form — a more simplified document — in part because GBTC became an SEC reporting company in January 2020, the company said in a Thursday blog post. The filing is another step toward getting GBTC converted to an ETF — a prospect industry watchers have said they believe became more likely after the Court of Appeals’ August ruling. Ultimately, three things must happen for the conversion to occur, Grayscale noted in the post. NYSE Arca’s 19b-4 filing — the subject of what was litigated…
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