Grayscale Bitcoin Trust files form 10 with the US SEC! Grayscale Bitcoin Trust (GBTC) is a publicly traded Bitcoin fund. If approved, they would be the first crypto fund to report to the regulator.
Grayscale announced in a blog post published on Nov. 19 that, if the filing will be deemed effective by the SEC, several aspects of the fund’s operations could change.
The firm has noted that the structure of the trust will remain the same and that they will not be added to a national securities exchange. However, if approved, there would be some changes to Grayscale’s scope and operation.
If the SEC accepts Grayscale’s filing, it would designate the fund as an SEC reporting company. The shares of the company would also be under the Exchange Act. Grayscale’s eligible investor audience would also widen. SEC auditing standards would also be applied to Grayscale.
The firm also noted that accredited investors will benefit if the filing is approved:
“Accredited investors who have previously purchased shares in the Trust’s private placement would have an earlier liquidity opportunity, as the statutory holding period of their private placement shares would be reduced from 12 to 6 months.”
Grayscale’s attempt to legitimize itself with regulatory approval follows a record year for the trust. It saw an inflow of $254 million in total investments into its products in Q3 2019.
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