Crypto asset manager Grayscale recently introduced an updated version of its spot Bitcoin exchange-traded fund (ETF) following discussions with the US Securities and Exchange Commission (SEC).
According to Bloomberg researcher James Seyffart, the updated documentation contains a plan to change the symbol from GBTC to BTC.
After carefully reviewing the revised documentation, Seyffart noted that it is unlikely to contain significant changes compared to the previous version. However, the current version has significant changes from the original presentation, as he stated:
“In this amendment, the shades of gray have changed a lot from the original.”
He noted that the new documentation has reduced the clause relating to cash payment orders. Additionally, the new document eliminates the “risk disclosure” pages entirely. Referring to the registration forms used by the SEC, he said:
“It seems like they’re shortening this particular file and telling people they can just look at the risk factors on those 10-ks, 8-ks and 10-Qs they’ve already filed. I guess there’s no reason to duplicate the S-3?
James Seyffart
He added that the amendments and changes to the prospectus only confirm that the company is negotiating with the SEC, receiving feedback from the regulator and adjusting its documentation accordingly.
Grayscale updated its prospectus following a meeting with representatives from the SEC’s Division of Trading and Markets earlier this month.
That meeting was attended by Grayscale’s top executives, including CEO Michael Sonnenshine, Chief Legal Officer Craig Salm and ETF head Dave LaValle.
The parties discussed NYSE Arca’s proposed change to the listing and trading rules for Grayscale Bitcoin Trust (BTC) and shares in accordance with NYSE Arca Rule 8.201-E.
The updated filing comes as ETF pioneer Blackrock, owner of proprietary trading software Aladdin, also eyes a BTC ETF outlook in line with SEC approval.
