Grayscale Submits Securities Registration for Spot Bitcoin ETF to SEC

Grayscale Investments, a subsidiary of Digital Currency Group, has taken a significant step forward in the cryptocurrency industry by filing Form 8-A and Securities Registration with the Securities and Exchange Commission (SEC) for a spot Bitcoin exchange-traded fund (ETF).

The proposed ETF, which will be known as “BTC” on the stock exchange, aims to offer investors exposure to the price of Bitcoin without the need to directly buy and store the cryptocurrency. This move comes after Grayscale’s announcement in March that it would explore options to convert its investment products into ETFs.

While the SEC has yet to approve any Bitcoin ETFs, Grayscale’s proposal is a positive development for the industry. If approved, the BTC ETF would be the first of its kind to be listed on a major U.S. stock exchange.

Other prominent players in the industry, such as BlackRock and Fidelity, have also shown interest in launching spot Bitcoin ETFs and have filed similar documents with the SEC. A spokesperson from Grayscale stated, “We are closely collaborating with the SEC to uplist GBTC to NYSE Arca as a spot Bitcoin ETF. Grayscale is fully prepared to operate GBTC as an ETF once we receive regulatory approvals.”

The conversion of GBTC into an ETF would offer investors a more regulated and liquid product to access the price of Bitcoin.

Tags: Bitcoin ETF