Grayscale has submitted an updated filing for its Bitcoin ETF to the SEC, potentially bringing it closer to approval. The filing is an amended S-3 prospectus, indicating that Grayscale has made changes to their offering documents based on feedback from the SEC. Bloomberg ETF analyst James Seyffart noted that while there were not significant changes, the application did shorten a line related to cash orders and remove pages of risk disclosures. It was initially suggested that the fund’s ticker had changed from GBTC to BTC, but this was later confirmed to be an error. The filing comes after discussions between Grayscale, the SEC, and the law firm Davis Polk regarding the proposed ETF’s listing on NYSE Arca. Grayscale’s unique proposal involves converting an existing investment vehicle into an ETF, setting it apart from other spot Bitcoin ETF applications. The SEC’s engagement with Grayscale is seen as a positive sign for ETF prospects in general. Grayscale also achieved a court victory that required the SEC to review its application, although approval is not guaranteed. Currently, Grayscale Bitcoin Trust (GBTC) trades at a discount to its net asset value.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	1
People	Michael Sonnsenhein
Companies	Davis Polk, U.S. Securities and Exchange Commission (SEC), BlackRock, NYSE Arca, Bloomberg, Fidelity, Grayscale, YCharts
Currencies	Bitcoin
Securities	BTC, BlackRock, NYSE Arca, GBTC, Fidelity