Grayscale Revamps Bitcoin ETF Application After SEC Talks


Grayscale has submitted an updated filing for its spot Bitcoin ETF, just days after engaging in talks with the US Securities and Exchange Commission (SEC). The amended S-3 prospectus reflects feedback from the SEC, showcasing the company’s responsiveness to regulatory discussions.

Notable changes include a shift in the fee structure from monthly to daily fees, which is a structural enhancement rather than an immediate fee reduction. This move comes on the heels of a meeting between members of the SEC’s Division of Trading and Markets, Grayscale, and the law firm Davis Polk, with Grayscale’s CEO, Michael Sonnsenhein, actively participating.

Grayscale’s ETF proposal stands out from the crowd, as it involves converting an existing investment vehicle into an ETF. Despite its uniqueness, the SEC’s engagement with Grayscale sends a positive message for the broader ETF landscape. Following a court victory earlier this year, the SEC’s obligation to review Grayscale’s application shows the evolving dynamics of the Bitcoin ETF space.

Grayscale Bitcoin Trust (GBTC) currently trades at a discount of -11.86% below its net asset value, adding an intriguing element to the ongoing developments in the crypto investment arena.

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