In a strategic move to stay at the forefront of the Bitcoin Spot ETF race, Grayscale has filed a newly revised S-3 for its Spot Bitcoin ETF. The new filing will change the dynamics of Grayscale’s Bitcoin ETF through the incorporation of cash creations.
Grayscale’s New Spot Bitcoin ETF Filing
Bloomberg Analyst, James Seyffart took to X (formerly Twitter) to announce that Grayscale, one of the world’s leading crypto asset management companies, has officially filed an amended S-3 for its Spot Bitcoin ETF.
The asset management company submitted the new filing to the United States Securities and Exchange Commission (SEC) on December 26. According to the filing, Grayscale will be changing to a cash-only policy and will be accepting just cash orders for its Spot Bitcoin ETF investments.
“At this time an authorized participant can only submit cash orders, pursuant to which the authorized participant will deposit cash into, or accept cash from, the cash account in connection with the creation and redemption of Baskets,” the filing stated.
It added:
“Cash orders will be facilitated by the Transfer Agent and Grayscale Investments, LLC, acting other than in its capacity as Sponsor, which will engage one or more eligible companies (each, a “Liquidity Provider”) that is not an agent of, or otherwise acting on behalf of, any authorized participant to obtain or receive Bitcoin in connection to such orders.”
Senior Bloomberg Analyst, Eric Balchunas also commented on the new change in Grayscale’s Spot Bitcoin ETF S-3 filing. “Grayscale finally surrendering to cash-only creations, was a big holdout. Pretty sure they have an AP agreement (a crucial last step) so that would check all the boxes. That said, still a mystery whether they will
Go to Source to See Full Article
Author: Scott Matherson
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
