Grayscale revises Bitcoin spot ETF filing, declares waiver of Bitcoin-related airdrops and forked coins.

Grayscale has filed an amended S-3 document on the 26th, indicating that they will only accept cash for creations and redemptions; Scott Johnsson, a general partner at Van Buren Capital, also discovered from Grayscale's amended documents that Grayscale has declared to forgo future potential benefits such as airdrops and forked coins.

Grayscale Amends Documents to Allow Cash Creation and Redemption

Bloomberg ETF analyst James Seyffart pointed out that Grayscale has filed an amendment to its S-3 document on the 26th, indicating that it will only accept cash creation and redemption.

Another analyst, Eric Balchunas, believes that Grayscale and the SEC have likely reached a consensus on the Authorized Participant (AP) agreement, which is a crucial step, but whether it will be approved by January 10th still remains a mystery.

Bitcoin Spot ETF Update: SEC Holds Intensive Meetings with BlackRock and Others, Still Optimistic About Approval by 1/10 Deadline

Grayscale finally surrendering to cash-only creations, was a big holdout. Pretty sure they have an AP agreement (a crucial last step) so that would check all the boxes. That said, still a mystery whether they will be allowed to go on day one of the Cointucky Derby https://t.co/Wm7TfD3zkP

— Eric Balchunas (@EricBalchunas) December 26, 2023

Grayscale Bitcoin Spot ETF Statement Abandons Airdrops and Fork Coins

Scott Johnsson, General Partner at Van Buren Capital, discovered in the Grayscale amendment that Grayscale has stated its intention to abandon future potential benefits such as airdrops and fork coins.

This has left Scott Johnsson puzzled, as other ETF issuers have taken a discretionary approach, indicating that they may take action as needed, although the SEC may require specific explanations, issuers have not directly declared abandonment as Grayscale has.

Therefore, if Grayscale were to change its mind in the future and seek airdrop benefits for ETF shareholders, it would require approval from regulatory bodies such as the SEC to make amendments.

The only real headscratcher in the GBTC S-3 amendment is a change to airdrops/forks whereby Grayscale is definitively abandoning all of them. Not clear to me why they made this change. And will require regulatory approval to modify this in the future. Other issuers (and GBTC… pic.twitter.com/jQ6ZhyhQ2y

— Scott Johnsson (@SGJohnsson) December 27, 2023

Barry Silbert Steps Down as Grayscale Director: Signaling Compliance to SEC

During the crucial process of whether the Grayscale Bitcoin Spot ETF will be approved, Barry Silbert, founder of the digital currency group Digital Currency Group (DCG), announced on the 26th that he will step down from his position as a director at Grayscale, and Mark Shifke, CFO of DCG, will take over on January 1st.

Bloomberg analyst Eric Balchunas commented on this, stating that Grayscale's move is to emphasize to the SEC that they are compliant, making their transition from GBTC to a Bitcoin Spot ETF worthy of priority approval from the SEC.

DCG Founder Barry Silbert Steps Down as Grayscale Director, Mark Shifke Takes Over