Grayscale Files New S-3 With SEC, Pushing to Convert Bitcoin Trust Into NYSE Spot ETF After Court Win 

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Grayscale Investments, the leading digital asset manager by assets under management (AUM), unveiled on Thursday its latest submission to the U.S. Securities and Exchange Commission (SEC). This move seeks to list the Grayscale Bitcoin Trust (GBTC) as a spot exchange-traded fund (ETF) on NYSE Arca. Grayscale’s latest S-3 submission comes on the heels of Grayscale’s victory in court last August. At the time, the U.S. Court of Appeals for the D.C. Circuit overturned the SEC’s previous denial of Grayscale’s registration bid.

Grayscale Eyes NYSE Spot ETF Listing for Bitcoin Trust Post SEC Legal Victory

Undeterred by previous roadblocks, Grayscale is pressing forward with its ETF registration endeavor, with the ambition to morph GBTC into a publicly traded fund on NYSE Arca. This comes on the back of a D.C. Circuit judge’s ruling in August, pointing out the SEC’s failure to justify the “different treatment of similar products” such as bitcoin futures ETFs.

Post-ruling, Grayscale communicated to the securities regulator that the process should be fast-tracked, allowing GBTC to transition into a spot Bitcoin ETF. Adding to this, the SEC failed to adhere to the 45-day deadline to appeal the D.C. court’s verdict. In a bid to expedite the process, Grayscale has chosen to file another S-3 application, which essentially serves as a synopsis of a conventional S-1 prospectus.

“Grayscale Investments, the world’s largest crypto asset manager, today announced it filed with the U.S. Securities and Exchange Commission a registration statement on Form S-3 to register shares of Grayscale Bitcoin Trust under the Securities Act of 1933, as amended,” the firm declared on Thursday.

The S-3 announcement dovetails with GBTC’s recent ascension. To illustrate, in January 2023, GBTC’s discount to its net asset value (NAV) exceeded 48%. Just last week, the figure had dwindled to 16.59%, and by October 18, 2023, the discount had shrunk further to 12.54%.

The latest GBTC statistics indicate that investors are already viewing GBTC through a new lens, even prior to its approval. Grayscale operates under the umbrella of the Digital Currency Group (DCG), serving as one of its five major subsidiaries.

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