Copy link
Increase text size
Decrease text size
Link copied

Grayscale Bitcoin Trust aims to become first reporting company under the SEC

Grayscale has just submitted a filing to the SEC that, if deemed effective, would transform it into the first cryptocurrency reporting company, a change that could attract more accredited investors.

Image via Unsplash

Wed, 20 Nov 2019, 10:22 am UTC

Grayscale Investment has just announced that it has filed a registration statement with the Securities and Exchange Commission (SEC) via Form-10 for its Bitcoin Trust.

In a blog post published today, Nov. 19, the company said that it has done the filing voluntarily in an attempt to attract more investors that are on the fence about the crypto market.

If the SEC approves the filing, the trust’s shares will fall under the jurisdiction of the Exchange Act of 1934, which will turn it into the first-ever crypto investment vehicle that’s a reporting company under the SEC. The approval would also mean that some changes will be made in the trust’s operations.

However, Grayscale maintains that the structure of the trust will remain the same and the firm will not be added to the national securities exchange. The blog post highlighted four alterations of the trust’s scope.

Grayscale’s transformation

The first one has already been mentioned, which is the transformation of the firm into a reporting company under the SEC. The second one is liquidity opportunity.

What this means is that accredited investors who own shares in the trust can liquidate their holdings much quicker. As it currently stands, the firm has a statutory holding period of 12 months before investors can liquidate their shares. If the SEC approves of the filing, that holding period will be cut in half.

Third, the trust could attract more institutional investors since being a reporting company under the SEC would provide more comfort to those who are worried about joining the crypto market. What’s more, the approval would also require Grayscale to provide a public quarterly and annual reports to the SEC, increasing transparency for investors. And lastly, the said public filings will be submitted as 10-Qs, 10Ks, and 8Ks, with additional compliance in pursuant to the Exchange Act.

Grayscale attempts to boost its success further

The regulatory body could ask for edits on the filing, as well as clarification on certain areas, CoinDesk reported.

Grayscale managing director Michael Sonnenshein admits that not everything is guaranteed at this point and they’re simply waiting what the SEC’s decision is going to be. This maneuver is coming in the wake of the trust performing spectacularly well this year, tripling its quarterly increase from $84.8 million in Q2 to $254 million in Q3.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Robert
  • 2020.09.19 01:41:56
I know about stolen Bitcoins a little too much and this is because I have been tricked into investing in a Bitcoin company that turned out to be a scam, so I had my bitcoins stolen.

The digital and virtual nature of the cryptocurrency makes it hard to trace hence it is a nightmare when you get swindled of your coins. Losing my 9 BTC to fraudsters last year was agonizing and tortuous as I did not know where to turn. I gave up hope, beat myself up for being dumb but about the evil nature of the criminal fraudsters. I was licking my figurative wounds with a lot of “what ifs”, wishing to turn back the hands of time when I stumbled upon ASSETRESCUE01 @GMAILCOM

To be fair, I did not take them seriously at first but I decided to give it a shot as I literally had nothing to lose at the point. Recovering lost cryptocurrency is near impossible but by reporting the situation to ASSETRESCUE01 @GMAILCOM , you give yourself a fighting chance at recovering what was lost. They have the technology to do the near impossible. You can simply send an email or WhatsApp on +1 206 745-0108
  • 0
  • ·
  • 0
  • Moses
  • 2020.04.29 18:09:00
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door ???? inbox me for more info....contact me on WhatsApp +1(206)-742-5358 thank you to you all and God bless you .
  • 0
  • ·
  • 0
  • Moses
  • 2020.04.29 18:08:50
I am a cryptocurrency trader and i make over 200% daily, If you are interested,i can teach you how to trade and also help you achieve your goal in life with crypto i can turn
$4500 into $35000 in less then four weeks,now that bitcoin has low prices...please note that cryptocurrency trading is bitcoin unlike binary and Forex,bitcoin is traded for altcoins also you can reach to me if you are new to bitcoin and to give you more info and guideline on how to invest smartly, this is opportunity life time knocking on your door ???? inbox me for more info....contact me on WhatsApp +1(206)-742-5358 thank you to you all and God bless you .
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $36,642.50 (+1.08%)
  • Ethereum (ETH) $1,257.41 (+0.94%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Cardano (ADA) $0.371500 (-3.70%)
  • Litecoin (LTC) $152.14 (+5.75%)
  • Bitcoin (BTC) $36,642.50 (+1.08%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft