- The SEC rejected Grayscale's application for a Bitcoin ETF
- Grayscale Bitcoin Trust wants to list the shares on NYSE under GBTC
A few months after the US Securities and Exchange Commission (SEC) rejected its application to transform its Bitcoin Trust into an exchange-traded fund (ETF), Grayscale Investments filed a registration statement on Form S-3 to register shares of the trust under the Securities Act of 1933, as amended (the “Securities Act”), Bankless Times learned from a press release.
The price of Bitcoin is relatively good, most likely due to the hopefully upcoming spot Bitcoin ETF approval by the SEC. Apart from Grayscale, Blackrock, Fidelity, Franklin Templeton, Grayscale, and Ark Invest have applied for Bitcoin ETFs.
The asset manager is suing the SEC
The world’s largest crypto asset manager filed a lawsuit against the SEC an hour after learning its application had been rejected. The regulator rejected the application due to concerns about Tether’s role in the wider Bitcoin ecosystem, market manipulation, and the lack of a surveillance-sharing agreement between a regulated exchange and a “regulated market of significant size.”
Firm to list shares on NYSE Arca
Grayscale Bitcoin Trust wants to list the shares on NYSE Arca under the symbol GBTC. It also wants to issue the shares on an ongoing basis after NYSE Arca’s application is approved.
The asset manager will only make the offering by means of a prospectus. A copy of the prospectus, when available, may be obtained by email from Grayscale Investments.
No shares may be sold pending effectiveness
The registration statement related to the shares has been filed with the SEC, but it has not been declared effective. No shares may be sold and no offers to buy can be accepted before the registration statement takes effect.
The shares cannot be sold in any state or jurisdiction in which such sale, offer, or solicitation would be illegal before registration or qualification under the securities laws of the respective state or jurisdiction.
