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Cryptogambling / Grayscale revises Bitcoin Spot ETF application

Grayscale revises Bitcoin Spot ETF application

Publish Date: 24/11/2023
Video: Grayscale CEO Won't Rule Out Legal Action Against SEC

Grayscale CEO Won’t Rule Out Legal Action Against SEC

Grayscale recently submitted an updated application for its upcoming Spot Bitcoin Exchange-Traded Fund (ETF) to the U.S. Securities and Exchange Commission (SEC).

In a social media post, Bloomberg analyst James Seyffart revealed that Grayscale had also updated its S-3 filing, aiming to transform Grayscale Bitcoin Trust into a spot BTC ETF.

“Lot of people asking what this means. Haven’t read through all of it but it’s just more data point confirming that Grayscale is in talks with SEC and is making updates/changes to their offering docs after discussions with & feedback from the SEC. Looking for any other new info,” said Seyffart.

The filing was updated after Grayscale met with the SEC Division of Trading and Markets on November 20. This meeting likely offered guidance on compliance.

Seyffart said the application had reduced a line about cash orders and removed several pages of risk disclosures.

“Surprisingly (or not) little meat here. Maintaining principally in-kind creation/redemption with a limited cash process. Some new risk factors, including matching the Ark/21 RF expanded disclosure of fraud & manipulation risk,” said finance lawyer Scott Johnsson in a social media post.

Johnsson highlighted that the revised risk factors had likely been made under the SEC’s direction. Previously, fraud and manipulation concerns led to the SEC’s rejection of Grayscale’s initial application.

Bitcoin rallies past $37,000

Following Grayscale’s move, Bitcoin surged above $37,000. News about spot Bitcoin ETFs has historically affected the market.

In October, Bitcoin reached $30,000 for the first time in months due to a misleading post about a Bitcoin ETF approval. Bitcoin continued to rise to surpass $35,000 due to reports of BlackRock’s iShares Bitcoin Trust being listed on the Depository Trust and Clearing Corporation. BlackRock had disclosed intentions to start seeding at that time. Amid ongoing market speculation, many are optimistic for an approval by January 10, 2024.

Currently, Bitcoin is trading near $37,300, showing a rise of more than two percent in the past 24 hours, as per CoinMarketCap data.

BlackRock discusses iShares Bitcoin Trust

According to an SEC memo, BlackRock recently discussed its proposed iShares Bitcoin Trust, a spot bitcoin ETF, in a meeting with the financial regulatory body.

The meeting discussed plans for an in-kind or in-cash redemption model for its iShares Bitcoin Trust. The SEC’s memo did not disclose the regulator’s response to the model.

“Looks like BlackRock also met with SEC! There’s a couple slides in relation to in-kind vs cash creation. Based on this it looks like BlackRock prefers in-kind for their bitcoin ETF, makes sense as its probably cleanest structure for them and end investors,” Seyffart said in a social media post.

Bitcoin spot ETF’s advantages

The SEC approving a spot bitcoin ETF could offer many benefits to the cryptocurrency sector. Firstly, having the SEC oversee the ETFs would enhance Bitcoin’s credibility due to regulatory supervision, encouraging broader Bitcoin investments.

Approving a spot Bitcoin ETF could also attract large investments from pension and mutual funds, possibly bringing billions into the cryptocurrency market and encouraging institutional adoption.

In the September edition of Yahoo Finance’s show, Lory Kehoe, former head of Blockchain Ireland, discussed the importance of a spot Bitcoin ETF for the cryptocurrency industry.

“The possibility of a spot bitcoin ETF filing getting SEC approval is an area that is getting an increased level of media interest. I think the SEC takes all that on board, but is not afraid to stick to its guns and make its own decisions,” Kehoe said.

He said that the approval of a spot bitcoin ETF is to occur in 2024.

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