Grayscale Chairman Resigns, Firm Continues to Amend BTC ETF Filing!

<p>&nbsp;"Fulamak, does Grayscale even want to compete with BlackRock?"</p><p><br /></p><p>Hours after Grayscale Investments chairman Barry Silbert stepped down from his position, the giant firm promptly filed another amended S-3* with securities regulators.</p><p><br /></p><p>*Regulatory filings provide simplified reporting for issuers of registered securities</p><p><br /></p><p>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.</p><p><br /></p><p>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.</p><p><br /></p><p><br /></p><p>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.</p><p><br /></p><p>While the second proposal is to modify the assets combined in the omnibus account** to facilitate the process of creating and redeeming shares.</p><p><br /></p><p>**Allows managed trades of more than one person, and allows unknown persons in the account</p><p><br /></p><p>According to Bloomberg senior analyst Aric Balchunas in his X account, ETFs are very disruptive as they offer low-cost investment options.</p><p><br /></p><p>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.</p><p><br /></p><p>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.</p>