Cryptocurrency asset manager Grayscale has filed an amended Bitcoin exchange-traded fund (ETF) application without listing authorized participant details.
Bloomberg’s senior ETF analyst Eric Balchunas flagged the amended filing on X (formerly Twitter), noting that the company had clarified that authorized participants in its proposed ETF could only pay and receive cash for shares.
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
Balchunas also highlights that Grayscale left the names of its authorized participants blank in the amended documentation filed with the United States Securities and Exchange Commission (SEC):
“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.”
Cointelegraph reported on Dec. 29 that seven companies vying to launch the first U.S. Bitcoin ETF products filed the latest versions of Form S-1 applications on Dec. 29.
Related: Countdown to US spot ETF: 5 things to know in Bitcoin this week
Fidelity, WisdomTree and Invesco Galaxy listed their authorized participants in the new filings. Invesco Galaxy selected Virtu and JPMorgan, while WisdomTree and Fidelity listed Jane Street Capital.
Authorized participants are financial institutions or companies that can create and redeem shares of an ETF.
Grayscale had indicated in June 2022 that it intended to list Jane Street and Virtu Financial as its authorized participants as it looked to convert its Grayscale Bitcoin Trust into an ETF.
I thought Grayscale announced they would work with Jane Street and Virtu? This was last year though. https://t.co/Sbpm8NM2zS
— Eleanor Terrett (@EleanorTerrett) January 2, 2024
Balchunas commented further, indicating that it was unclear why Grayscale had deliberately omitted its…
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