Bitcoin ETF News: Grayscale Files Form 10 for Spot Bitcoin ETF
New York, NY, [Date] – Grayscale Investments, a leading digital asset manager, has filed a Form 10 registration statement with the U.S. Securities and Exchange Commission (SEC) for a spot-based Bitcoin exchange-traded fund (ETF).
The Grayscale Bitcoin Spot ETF, if approved by the SEC, would offer investors direct exposure to the price of Bitcoin by holding physical Bitcoin in its underlying trust. This would be a significant departure from existing crypto ETFs, which track the price of Bitcoin futures contracts.
In its Form 10 filing, Grayscale stated that the ETF’s primary objective is to “provide investors with a convenient and liquid way to gain exposure to Bitcoin.” The ETF would be actively managed by Grayscale and seek to closely track the spot price of Bitcoin provided by Coinbase.
Grayscale’s move comes amid growing demand for spot Bitcoin ETFs. Several other issuers, including VanEck and Bitwise, have also filed applications for spot Bitcoin ETFs with the SEC. However, the SEC has yet to approve any spot Bitcoin ETF applications.
The SEC has expressed concerns about the volatility and liquidity of the cryptocurrency market, as well as the potential for market manipulation. However, Grayscale believes that its spot Bitcoin ETF will address these concerns by being physically backed by Bitcoin and actively managed.
“We believe that our spot Bitcoin ETF is a well-designed and secure product that meets the SEC’s standards for listing and trading,” said Michael Sonnenshein, CEO of Grayscale Investments. “This ETF will provide investors with a new and innovative way to gain exposure to Bitcoin.”
The filing of Grayscale’s Form 10 is a significant step forward in the potential approval of a spot Bitcoin ETF. The SEC will now review Grayscale’s application and may request additional information or changes to the ETF’s structure.
Investors are eagerly awaiting the SEC’s decision on Grayscale’s Bitcoin Spot ETF. If approved, it would mark a major milestone in the development of the cryptocurrency industry.
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