Crypto large Grayscale simply filed a brand new registration assertion with the U.S. Securities and Trade Fee (SEC) because it bids to transform its flagship Bitcoin (BTC) Belief product right into a spot Bitcoin exchange-traded fund (ETF).
In a statement, the world’s largest crypto asset supervisor says it simply submitted to the securities regulator a Kind S-3 registration assertion to register shares of the Grayscale Bitcoin Belief (GBTC) beneath the Securities Act.
Kind S-3 is a simplified type for registering securities with the SEC and might solely be utilized by firms which have happy different reporting necessities. The submitting is a shorter model of Kind S-1 that’s filed in anticipation of an preliminary public providing (IPO).
Grayscale says it meets the eligibility standards for Kind S-3.
“Usually, issuers file a registration assertion on Kind S-1 for his or her preliminary public providing of fairness securities registered beneath the Securities Act. GBTC, nevertheless, is eligible to make use of Kind S-3, a shorter submitting that comes with by reference its SEC disclosures and experiences, as a result of its shares have been registered beneath the Securities Trade Act of 1934 since January 2020 and it meets the opposite necessities of the shape.”
Grayscale says it is able to function GBTC as an ETF as soon as it secures regulatory approvals.
“Earlier than GBTC can convert to an ETF and challenge shares on a registered foundation pursuant to the Kind S-3, NYSE Arca’s 19b-4 software should be permitted, an exemption or different type of Regulation M aid should be obtainable and the Kind S-3 should be declared efficient by the SEC.”
The event comes amid experiences that the SEC won’t problem the appeals court docket ruling that the company’s denial of Grayscale’s software to supply a spot Bitcoin ETF is illegal for utilizing inconsistent and discriminatory requirements.
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