"Fulamak, does Grayscale even want to compete with BlackRock?"
Hours after Grayscale Investments chairman Barry Silbert stepped down from his position, the giant firm promptly filed another amended S-3* with securities regulators.
*Regulatory filings provide simplified reporting for issuers of registered securities
The filing is intended to convert the Grayscale Bitcoin Trust (GBTC) fund into a Bitcoin (BTC) ETF, where the trust currently can only accept Cash Orders, reports Bloomberg's James Seyffart.
It is common knowledge that the S-3 form is a regulatory filing with the Securities and Exchange Commission (SEC) to issue new shares or convert existing securities to a different type.
Grayscale has updated its 2018 filing more than once after it proposed two changes in November 2023, the first of which changed the way it collects fees from a monthly to a daily fee structure.
While the second proposal is to modify the assets combined in the omnibus account** to facilitate the process of creating and redeeming shares.
**Allows managed trades of more than one person, and allows unknown persons in the account
According to Bloomberg senior analyst Aric Balchunas in his X account, ETFs are very disruptive as they offer low-cost investment options.
This is because he has seen recent comments from crypto exchange leaders warning that BTC could disappear if the ETF is approved and this is seen as a fear similar to what is seen with paid active managers and hedge funds.
Please be informed that the Chief Financial Officer (CFO) of Digital Currency Group (DCG) named Mark Shifke is Silbert's successor in holding the position as chairman of Grayscale.
