Grayscale continued its efforts to list a spot BTC ETF based on its existing fund, which boasts a market capitalization of $25 billion.
Grayscale Investments has filed an updated Form S-3 with the U.S. Securities and Exchange Commission (SEC) to convert its Grayscale Bitcoin Trust (GBTC) product into a spot Bitcoin ETF. This is Grayscale’s third amendment filing for GBTC conversion, according to ETF expert James Seyffart. The company previously filed a similar form following the departure of Chairman Barry Silbert.
Bloomberg senior analyst Eric Balchunas The SEC filing noted that it confirmed the shift to cash-generating subscriptions. However, Grayscale did not disclose the approved participants (APs) for the funds. Fees were also excluded in this submission.
The SEC will reportedly require issuers to disclose details about both before an ETF is listed and trading begins.
BlackRock has already submitted an updated S-1 application attaching the AP disclosures. The $1 trillion asset manager named Wall Street heavyweights Jane Street and JPMorgan as its two APs. These APs act as underwriters for the BlackRock Spot Bitcoin ETF, guaranteeing payments and redemptions if fund returns are poor.
Fox News sources said the review of the S-1 filing could delay the SEC’s decision on the spot Bitcoin ETF until January 10th. Many people believe that the Securities Commission will conduct an on-site approval of at least one issuer.
Meanwhile, traders have been betting on the approval timeline on prediction platforms like Polymarket. A whopping 90% of the site’s bettors favored a decision by January 15, with nearly $500,000 worth of contracts in place at press time.
While general sentiment suggests that a Bitcoin (BTC) ETF is inevitable, there is much debate about its impact on the cryptocurrency market. VanEck, one of 14 filers, said approval would not affect pricing. However, BitMEX expects significant inflows into BTC once SEC approval comes.