The post Grayscale files new update to its Bitcoin ETF application S-3 appeared on BitcoinEthereumNews.com.

Grayscale has filed a new update to its Bitcoin ETF application S-3. Despite being one of the first applicants for a Spot-Bitcoin ETF, Grayscale constantly failed to meet the SEC’s benchmarks. In a surprising turn of events, the asset manager for Grayscale has dropped the cash-only creation requirement. Even more shocking was Barry Silbert’s (Grayscale’s Founder) resignation from the chairman position. Silbert did not provide any official update regarding his sudden resignation. The race for the first Bitcoin ETF in the US has been fierce since its inception. Even the faintest hints at approval are resulting in Bitcoin making tidal turns. Grayscale has become the latest venture to make drastic changes to get an edge in this race. The SEC is expected to approve the first wave of Bitcoin ETFs on January 10, 2024. Thus, applicants are doing everything in their power to meet the authority’s demands. The due date to do so is December 29, so Grayscale is making the adjustments right before the deadline. Being among the primary catalysts in the Bitcoin ETF race, Grayscale is looking to win the first approval wave. And for that, the asset manager for Grayscale has amended its S-3 application. Now, the company is aiming for a spot BTC ETF instead of a GBTC. Based on the filing, Grayscale seems to be surrendering to the SEC’s order of cash-only redemption or creation. As expected, most applicants adhered to the requirements, setting the standard for approval. Similarly, ahead of the ETF approval, Grayscale also made a key management change. The SEC filing stated that Grayscale is looking at Mark Shifke as the new chairman of the company. Previously acting as Digital Currency Group’s CFO, Shifke will be replacing Barry Silbert for the position. Silbert was not the only one stepping down from the…

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Filed under: News - @ December 27, 2023 11:14 am