Grayscale files for new spot Bitcoin ETF on NYSE Arca

Major cryptocurrency investment firm Grayscale Investments has filed a new application with the United States Securities and Exchange Commission (SEC) for a new spot Bitcoin (BTC $28,497) exchange-traded fund (ETF).

On Oct. 19, Grayscale submitted an S-3 form registration statement with the SEC, intending to list the shares of Grayscale Bitcoin Trust on the New York Stock Exchange (NYSE) Arca under the ticker symbol GBTC.

The new filing aligns with Grayscale’s ongoing effort to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF, according to a statement by Grayscale. 

“We remain committed to working collaboratively and expeditiously with the SEC on behalf of GBTC’s investors,” the firm wrote in the announcement.

The latest S-3 registration statement is a shorter filing version of a typical form S-1 statement that targets the initial public offering of equity securities registered under the Securities Act.

“GBTC, however, is eligible to use Form S-3, a shorter filing that incorporates by reference its SEC disclosures and reports, because its shares have been registered under the Securities Exchange Act of 1934 since January 2020 and it meets the other requirements of the form,” Grayscale stated.

The firm mentioned that Grayscale would be able to convert GBTC to an ETF and issue shares on a registered basis once NYSE Arca’s 19b-4 application is approved and the Form S-3 must be declared effective by the SEC. The announcement added:

Importantly, GBTC is ready to operate as an ETF upon receipt of these regulatory approvals, and on behalf of GBTC’s investors, Grayscale looks forward to working collaboratively and expeditiously with the SEC on these matters.

The news comes weeks after Grayscale won an SEC lawsuit for its spot Bitcoin ETF review, with the U.S. Court of Appeals for the District of Columbia Circuit ordering the SEC to explain why it rejected Grayscale’s application in June 2023. The company also filed with the SEC to list an Ether (ETH $1,556) futures ETF in September.

Grayscale is one of several companies seeking the SEC’s approval to launch a spot Bitcoin ETF, including companies like ARK Investment, BlackRock, Fidelity and others.

According to Bloomberg Intelligence analyst James Seyffart, BlackRock filed an updated Bitcoin ETF prospectus on Oct. 19 as well. The filing is “likely their response to SEC comments like we’ve seen from Ark, Fidelity, and others,” he said, adding that it brings “more confirmation that issuers are in talks with the SEC.”