Grayscale has submitted a revised S-3 filing on the 26th, stating that it will only accept cash for creation and redemption. Van Buren Capital general partner Scott Johnsson has also discovered from the Grayscale amendment that Grayscale has declared to waive future potential benefits such as airdrops and forked coins.
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Grayscale Amends Filing to Allow Cash Creation and Redemption
Grayscale Bitcoin Spot ETF Declares Waiver of Airdrops and Forked Coins
Barry Silbert Steps Down as Grayscale Director: Demonstrating Compliance to SEC
Grayscale Amends Filing to Allow Cash Creation and Redemption
According to Bloomberg ETF analyst James Seyffart, Grayscale has submitted a revised S-3 filing on the 26th, stating that it will only accept cash for creation and redemption.
Another analyst, Eric Balchunas, believes that Grayscale has likely reached an agreement with the SEC regarding authorized participants (AP agreement). While this is a crucial step, it remains unknown whether it will be approved by January 10th.
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Grayscale Bitcoin Spot ETF Declares Waiver of Airdrops and Forked Coins
Scott Johnsson, a general partner at Van Buren Capital, discovered in the Grayscale amendment that Grayscale has declared to waive future potential benefits such as airdrops and forked coins.
This has left Scott Johnsson confused, as other ETF issuers have taken a discretionary approach (e.g., taking action as necessary). Although the SEC may require a specific explanation, issuers have not directly declared a waiver like Grayscale.
As a result, if Grayscale were to change its mind in the future and seek to advocate for airdrop rights for ETF shareholders, it would require approval from regulatory bodies such as the SEC to make amendments.
Barry Silbert Steps Down as Grayscale Director: Demonstrating Compliance to SEC
During the critical process of whether the Grayscale Bitcoin Spot ETF will be approved, Barry Silbert, the founder of Digital Currency Group (DCG), announced on the 26th that he would step down as a Grayscale director. Mark Shifke, the CFO of DCG, will assume the position starting January 1st.
Bloomberg analyst Eric Balchunas commented on this, stating that Grayscale’s move is emphasizing to the SEC that they are being compliant and that their GBTC transformation into a Bitcoin spot ETF is deserving of priority approval from the SEC.
Eric Balchunas
GBTC
James Seyffart
Bitcoin Spot ETF
Grayscale