Bloomberg ETF analyst James Seyffart pointed out while analyzing Grayscale’s latest amended S-3 filing that the data does not provide much detail. It only has a clear description regarding cash creation, but it still does not specify the Authorized Participants (AP) authorized to participate.
The US Securities and Exchange Commission (SEC) is in a crucial phase of approving a Bitcoin spot ETF. Just last night, Grayscale, which is attempting to convert the Bitcoin Trust (GBTC) into a spot ETF, submitted its prospectus to the SEC for the third time.
The prospectus provides potential investors with detailed information, including investment objectives, fees, risks, and management team. Only after obtaining regulatory approval can the ETF be publicly issued and traded.
Bloomberg analyst: New filing still lacks critical information
However, despite this being the third update from Grayscale, Bloomberg ETF analyst James Seyffart pointed out that the latest filing does not provide much detail. It only has a clear description regarding cash creation, but it still does not specify the Authorized Participants (AP).
SEC approval may not come in January?
It is worth mentioning that James Seyffart also stated in response to questions from community members 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 deadline in mid-January.
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