Grayscale: Form S-3 filed as part of effort to convert GBTC to ETF

Grayscale posted on the Grayscale explains the S-3 form. Typically, an issuer will file a registration statement on Form S-1 for an initial public offering of equity securities registered under the Securities Act. However, GBTC is eligible to use Form S-3, a shorter document incorporated by reference into its SEC disclosures and reports, because its shares have been registered under the Securities Exchange Act of 1934 since January 2020, and meet other SEC requirements. Before GBTC can be converted into an ETF and shares issued in a registered manner pursuant to Form S-3, NYSE Arca's 19b-4 petition must be approved, an exemption from Regulation M or other relief must be obtained, and the Form S-3 must be issued by SEC declares it effective. Previously, NYSE Arca submitted an application to the Securities and Exchange Commission (SEC) under Section 19b-4 of the Securities Exchange Act of 1934, as amended, to list Grayscale Bitcoin Trust shares (GBTC) on NYSE Arca.