Grayscale Submits New Spot Bitcoin ETF Application to SEC

Vignesh Karunanidhi
Grayscale Submits New Spot Bitcoin ETF Application to SEC
Source: CryptoPotato

Crypto asset manager Grayscale has filed another application with the SEC seeking approval for a spot Bitcoin exchange-traded fund (ETF). On October 19th, Grayscale submitted a registration to list its Grayscale Bitcoin Trust shares on the NYSE Arca exchange under the ticker GBTC. This represents the firm’s ongoing pursuit of converting the trust into an ETF.

The filing incorporates Grayscale’s prior disclosures as a registered security since 2020. Approval requires the SEC to sign off on the NYSE Arca application and Grayscale’s registration going effective.

Also read: Basel Committee Proposes New Crypto Disclosure Rules for Banks

The latest Spot Bitcoin ETF filing comes after Grayscale’s recent win

This latest application comes after the crypto asset manager won a lawsuit against the SEC in September. In turn, the agency was required to reexamine its rejection of a spot Bitcoin ETF. The company also expressed its commitment to continue working with regulators on ETF approval.

The company joins several other major players, like BlackRock, ARK Invest, and Fidelity, seeking the SEC’s green light for a Bitcoin ETF.

Also read: Shiba Inu Team Warns of Fake Telegram Channel Promoting Scam

While the SEC has moved slowly on approvals so far, increased pressure from leading firms and recent legal developments appear to be pushing the process forward.

Crypto investors still await concrete progress. However, Grayscale’s persistence reflects growing industry optimism around an eventual spot Bitcoin ETF launch after years of setbacks.