NYSE Arca receives fresh application from Grayscale for Spot Bitcoin Exchange-Traded Fund
Grayscale Pushes Forward with Bitcoin ETF Conversion
Grayscale Investments, a leading digital asset manager, is making strides in its efforts to convert the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin exchange-traded fund (ETF). The company has submitted an S-3 filing for new shares in relation to the conversion, and is actively engaging in discussions with regulators.
The U.S. Securities and Exchange Commission (SEC) is currently reviewing the filing, as well as multiple other ETF proposals, including Grayscale's proposal for a spot Bitcoin ETF. The SEC's recent actions have raised hopes for a future spot Bitcoin ETF, but there are still several steps to go through before it becomes a reality.
If approved, GBTC plans to list its shares on NYSE Arca under the symbol GBTC. However, no new information has been provided about the eligibility of GBTC to use Form S-3 or the plan to list its shares on NYSE Arca under the symbol GBTC.
The SEC Chair, Gary Gensler, has emphasized the importance of a thorough process to protect investors. Grayscale, in turn, has stated that GBTC is ready to operate as an ETF upon receipt of regulatory approvals. The company looks forward to working collaboratively and expeditiously with the SEC on these matters.
Meanwhile, other major asset managers, such as BlackRock and Fidelity, are also seeking SEC approval for their own spot Bitcoin ETFs. The U.S. Court of Appeals is expected to issue a final mandate in relation to the matter, which could further clarify the path forward for these proposals.
The current chairman of the SEC, Paul Atkins, has been in office since April 2025, succeeding Gary Gensler. Under his leadership, the SEC will continue to review and consider these applications, with the ultimate goal of protecting investors while fostering innovation in the financial markets.
As the regulatory landscape for digital assets continues to evolve, Grayscale's efforts to convert GBTC into a spot Bitcoin ETF will be closely watched by investors and industry observers alike. The potential approval of a spot Bitcoin ETF could open up new opportunities for investment in the digital asset class, and further legitimize its place in the financial markets.
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