Main cryptocurrency funding agency Grayscale has filed a brand new software with the Securities and Alternate Fee (SEC) for a brand new spot Bitcoin (BTC) exchange-traded fund (ETF).

Grayscale on Oct. 19 submitted an S-3 kind registration assertion with the SEC aspiring to checklist the shares of Grayscale Bitcoin Belief on the New York Inventory Alternate (NYSE) Arca below the ticker image GBTC.

The brand new submitting comes consistent with Grayscale’s ongoing effort to convert its Grayscale Bitcoin Belief right into a spot Bitcoin ETF, in line with an announcement by Grayscale. 

“We stay dedicated to working collaboratively and expeditiously with the SEC on behalf of GBTC’s traders,” the agency wrote within the announcement.

The most recent S-3 registration assertion is a shorter submitting model of a typical kind S-1 assertion that targets preliminary public providing of fairness securities registered below the Securities Act.

“GBTC, nevertheless, is eligible to make use of Kind S-3, a shorter submitting that includes by reference its SEC disclosures and experiences, as a result of its shares have been registered below the Securities Alternate Act of 1934 since January 2020 and it meets the opposite necessities of the shape,” Grayscale famous.

The agency talked about that Grayscale will be capable to convert GBTC to an ETF and situation shares on a registered foundation as soon as NYSE Arca’s 19b-4 software software is accredited and the Kind S-3 have to be declared efficient by the SEC. The announcement added:

“Importantly, GBTC is able to function as an ETF upon receipt of those regulatory approvals, and on behalf of GBTC’s traders, Grayscale seems to be ahead to working collaboratively and expeditiously with the SEC on these issues.”

It is a growing story, and additional info will probably be added because it turns into accessible.