- Grayscale submitted a revised version of the spot Bitcoin ETF filing after discussions with the SEC.
- The Bloomberg analyst James Seyffart asserted that the revised filing carries minimal amendments.
- The new filing shortened a line regarding cash orders and removed pages citing risk disclosures.
Crypto asset manager Grayscale recently submitted a revised version of its spot Bitcoin exchange-traded fund (ETF) filing following negotiations with the U.S. Securities and Exchange Commission (SEC). According to a series of X posts shared by Bloomberg researcher James Seyffart, the updated filing has minimal modifications despite some shortenings and eliminations.
In a recent development that analysts interpreted as a positive sign, the SEC’s Trading and Markets Division was involved in a series of discussions with the crypto firms awaiting ETF approvals. The SEC requested the companies to submit amendments in the following week. Consequently, on November 20, Grayscale executives, including CEO Michael Sonnenshein, Legal Chief Officer Craig Salm, and ETF Head Dave LaValle, had a meeting with the regulators, discussing the required updates in the new filing.
After scrutinizing the revised filing, Seyffart commented that the filing scarcely carries significant changes from the previous version. However, the current version has significant changes from the initial filing, as he stated, “Grayscale did change a lot in this amendment compared to the original, though.” He pointed out that the new filing has shortened a point concerning cash orders. In addition, the new filing has completely removed the pages concerning “risk disclosures.” His tweet read,
Looks like they are shortening up this particular filing and telling people they can just view the risk factors in the 10-ks, 8-ks ,and 10-Q’s they already file/filed. No reason to duplicate in the S-3’s i guess?”
Though the researcher cited in the beginning that the biggest change in the revision is Grayscale’s proposal to change GBCT’s ticker to BTC, he later clarified that it was a misconception. He added, “They do have a filing for their Global Composite Bitcoin ETF that’s registered with the BTC ticker which they may not have actually launched”.
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