Bloomberg ETF analyst James Seyffart pointed out in his analysis of Grayscale’s latest amended S-3 filing that the document does not provide much detail. It only has a clear description of cash creation, but it still does not specify the Authorized Participants (AP) who are authorized to participate.
(Background Information:
GBTC’s cash redemption is here? SEC points out Grayscale’s “cash redemption,” premium drops to 5.5%
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The approval of a Bitcoin spot ETF by the U.S. Securities and Exchange Commission (SEC) is entering a critical period. Just last night, Grayscale, which is attempting to convert its Bitcoin Trust (GBTC) into a spot ETF, submitted its registration statement to the SEC for the third time.
The registration statement provides potential investors with detailed information including investment objectives, fees, risks, and management team, and ETFs can only be publicly issued and traded after obtaining regulatory approval.
Bloomberg analyst: New filing still lacks critical information
However, despite being the third update, Bloomberg ETF analyst James Seyffart pointed out that this latest filing does not provide much detail. It only has a clear description of cash creation, but it still does not specify the Authorized Participants (AP).
SEC approval may not be granted in January?
It is worth mentioning that James Seyffart also stated in response to community members’ questions that the court has not set a deadline for Grayscale’s Bitcoin spot ETF conversion application. Therefore, theoretically speaking, Grayscale’s application may not be approved before the mid-January deadline.
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