Gray files for new position on NYSE Arca Bitcoin ETF

Major cryptocurrency investment firm Greyscale Investments has filed a new filing with the United States Securities and Exchange Commission (SEC) for a new position as a Bitcoin (BTC) exchange-traded fund (ETF).

On October 19, Greyscale filed a Form S-3 registration statement with the SEC, intending to list its shares of Greyscale Bitcoin Trust on the New York Stock Exchange (NYSE) Arca under the ticker symbol GBTC.

The new filing is consistent with Grayscale's ongoing efforts to transform the Grayscale Bitcoin Trust into a one-stop Bitcoin ETF, according to a Grayscale statement.

“We are committed to working cooperatively and expeditiously with the SEC on behalf of GBTC investors,” the firm said in the announcement.

The latest S-3 registration statement is a shortened filing version of the usual Form S-1 statement aimed at initial public offerings of equity securities registered under the Securities Act.

“GBTC, however, is eligible to use the SEC's short filing Form S-3 with reference to the SEC's filings and reports, as the shares will be issued as of January 2020. The form is registered under the Securities Exchange Act of 1934 and meets other requirements,” Grayscale said.

The firm mentioned that if the NYSE Arca 19b-4 filing is approved and an S-3 form is filed with the SEC, Grayscale will convert GBTC to an ETF and issue shares on a registered basis. The announcement added:

“Importantly, GBTC is ready to operate as an ETF when it receives these regulatory approvals, and on behalf of GBTC's investors, Grayscale looks forward to working cooperatively and expeditiously with the SEC on these matters.”

The news comes weeks after Grayscale won a case for the SEC to review its position Bitcoin ETF, with the Court of Appeals for the District of Columbia Circuit to explain why the SEC rejected Grayscale's application in June 2023. The company also filed a lawsuit with the SEC. To list Ether (ETH) futures in September.

Related: Greyscale's GBTC Discount Drops to 16% as Markets Bet on Bitcoin ETF Approval

Grayscale is one of several companies seeking SEC approval to launch a spot bitcoin ETF, including companies such as ARK Investments, BlackRock, Fidelity and others.

According to Bloomberg Intelligence analyst James Seifert, BlackRock also filed an updated Bitcoin ETF prospectus on October 19. The filing is “likely a response to the SEC's comments, as we've seen from Arch, Fidelity and others,” he said.

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