Grayscale Investments said it has taken another step toward converting its $18 billion bitcoin trust into an exchange-traded fund that owns bitcoin.
Grayscale on Thursday filed a form S-3 with the Securities and Exchange Commission to register its bitcoin trust as a product under the Securities Act of 1933. The filing comes after the SEC decided not to appeal a court ruling that the agency failed to adequately justify its denial of the ETF conversion.
The Grayscale Bitcoin Trust narrowed its discount to the underlying value of the bitcoin it holds to 13% on Wednesday, according to YCharts.
