On Jan. 4, Grayscale submitted a filing with the U.S. Securities and Exchange Commission (SEC) using Form 8-A for the registration of specific classes of securities.

SEC requires companies to fill out this form before listing on an exchange. It should include a straightforward description of the asset, along with details like the distribution date and terms.

In our previous article, we mentioned that Grayscale revised Form S-3 for the Bitcoin ETF. On Jan. 2, in the updated filing, the company put forward a fiat currency redemption model for ETF shares. The SEC views Grayscale’s proposed redemption model as a safer option for investors when contrasted with redeeming in BTC.

However, experts observed that Grayscale has not revealed the identities of Authorized Participants serving as guarantors for loan payments and repayments, particularly in scenarios where the fund encounters challenges in meeting these commitments.

Also, in the new application, the company didn’t include commission data as required by the regulator.

New Grayscale amendment just dropped. Clear language on cash only but still no AP named, just blanks where name should go. Not sure why since SEC wants to see it and they have been pretty cocksure about having one. Also, nothing on fee (that I could see). That's big open q too. https://t.co/tQ9MTBlvg8 pic.twitter.com/id8Tb8ImaP

— Eric Balchunas (@EricBalchunas) January 2, 2024

Anticipating the approval of the Bitcoin ETF this week

On Jan.3, the CBOE granted approval for the listing of Fidelity’s Bitcoin ETF. This approval reflects the satisfaction of the criteria set by Cboe for introducing a new financial asset. It signifies a positive step toward market entry for Fidelity’s proposed ETF.

However, it’s crucial to highlight that while Cboe has given the green light, additional approval from the SEC is still pending. The regulator’s endorsement is an important next step in the process before the Bitcoin ETF can officially enter the market.

According to Fox Business, the SEC might respond by Friday, creating suspense in the crypto market. As of the current writing, the price of Bitcoin has gone up by 2.84% in the last 24 hours, trading at around $43,335.

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