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Regulatory Series on Cryptocurrencies: Grayscale Investments’ GBTC Seeks To Be SEC Complied For Targeting Institutions

Grayscale Investments, which is the largest digital currency asset manager in the world with assets of roughly $2.7 billion, has said us that they voluntarily filed a Form 10 with the Securities and Exchange Commission (SEC) for its bitcoin fund, with an intention of making its bitcoin trust more compliant and targeting the institutional investors.

GBTC which is the Grayscale’s bitcoin fund, has assets of approximately worth $2.175 billion and it trades on OTCQX, an over-the-counter marketplace.

The Grayscale Bitcoin Trust (GBTC), has filed with the SEC to become an official “reporting company.” Thereby, they have to provide annual, quarterly and other periodic reports emphasizing on the major changes and updates to its operations as the registration statement is deemed effective, the Trust will be subject to the requirements of Regulation 13A under the Exchange Act, which will require it to file annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, and to comply with all other obligations of the Exchange Act applicable to issuers filing Registration Statements pursuant to Section 12(g) of the Exchange Act.

As per Grayscale’s managing director, Michael Sonnenshein, the filing is absolutely voluntary as the firm hopes to attract big-money players looking to trade SEC-registered assets to its platform, which is due for review by the SEC.

By Niranjan Patil
  • Market Data
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