On November 20th, Babbitt News, the publicly traded Bitcoin Trust Fund Grayscale Bitcoin Trust (GBTC) publicly submitted a registration application to the US Securities and Exchange Commission (SEC) in Form 10 (Form 10), which is also the first A cryptocurrency fund that actively reports to the SEC for reporting.
Grayscale announced in a blog post on November 19 that if the SEC believes the document is in force, the operation of several aspects of the fund may change.
Specifically, if the SEC accepts Grayscale's application, it will designate the fund as an SEC reporting company and register its shares in accordance with section 12(g) of the Securities Exchange Act of 1934 (the “Transaction Act”) as amended. In addition, because many institutions restrict investment in financial instruments that are not registered with the SEC, if Grayscale passes the SEC's review, its qualified investor base may expand.
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The company also pointed out that if the application is approved, the fund's qualified investors will benefit:
“Qualified investors who have previously purchased a private equity in a trust company will have an earlier liquidity opportunity as the legal holding period for their private equity will be reduced from 12 months to 6 months.”
It is reported that Grayscale Trust has set a new record in the most recent year. Its total product investment in the third quarter of 2019 reached US$254 million, a three-fold increase from the US$84.8 million in the second quarter of 2019.
The following is the application form of Grayscale's application: