Grayscale submits 3rd amended GBTC conversion filing

Grayscale continued efforts to list a spot BTC ETF built on its existing fund, which boasts a $25 billion market cap. 

Grayscale Investments filed an updated S-3 Form with the United States Securities and Exchange Commission (SEC) to convert its Grayscale Bitcoin Trust (GBTC) product into a spot Bitcoin ETF.  This is Grayscale’s third amended submission towards its GBTC conversion, according to ETF expert James Seyffart. The firm previously filed a similar form following the departure of chairman Barry Silbert.

Senior Bloomberg analyst Eric Balchunas noted that the SEC filing confirmed a pivot to cash-create subscriptions. Grayscale did not, however, disclose the Authorized Participants (APs) for its fund. The fee was also left out of this submission.

The SEC will reportedly require issuers to disclose details on both before ETFs can be listed and open for trading.

BlackRock already filed its updated S-1 application with AP disclosures attached. The trillion-dollar asset manager named Wall Street heavyweights Jane Street and JPMorgan its two APs. These APs will act as underwriters for BlackRock’s spot Bitcoin ETF, guaranteeing payment and redemptions should the fund post lackluster returns. 

Fox News sources said S-1 filing reviews could stall an SEC decision on spot Bitcoin ETFs until Jan. 10, when many believe the Securities Commission will field approvals for at least one issuer. 

In the interim, traders have placed bets on the timeline for approval on prediction platforms like Polymarket. A staggering 90% of bettors on the site favor a decision by Jan. 15, with nearly half a million dollars locked in a contract at press time. 

While general sentiment suggests that a Bitcoin (BTC) ETF is inevitable, debates abound concerning its impact on the crypto market. VanEck, one of the 14 filers, said approvals would not impact price. BitMEX, however, expects massive inflows into BTC upon the arrival of an SEC greenlight.