Revision of Grayscale Bitcoin Trust ETF Document: Waiver of Bitcoin-Related Airdrops and Fork Coins
Grayscale has submitted a revised S-3 document on the 26th, stating that it will only accept cash for creation and redemption. Van Buren Capital general partner Scott Johnsson also discovered from the Grayscale revised document that Grayscale has declared the waiver of airdrops, forked coins, and other potential future benefits.
Grayscale’s revised document changes the creation and redemption process to only accept cash. Bloomberg ETF analyst James Seyffart pointed out that Grayscale submitted the revised S-3 document on the 26th, stating that it will only accept cash for creation and redemption.
Another analyst, Eric Balchunas, believes that Grayscale and the SEC have reached a consensus on the Authorized Participants (AP agreement). Although this is a crucial step, it is still a mystery whether it will be approved on January 10th.
Van Buren Capital general partner Scott Johnsson discovered in the Grayscale amendment that Grayscale has declared the waiver of airdrops, forked coins, and other potential future benefits. This has confused Scott Johnsson because other ETF issuers have taken a discretionary approach (such as taking action as appropriate), although the SEC may require specific explanations, the issuers have not directly declared waivers like Grayscale.
As a result, if Grayscale wants to change its mind in the future and fight for airdrop rights for ETF shareholders, it will need approval from regulatory agencies such as the SEC to make modifications.
During the crucial process of approving the Grayscale Bitcoin Spot ETF, Barry Silbert, the founder of Digital Currency Group (DCG), announced on the 26th that he would resign as a director of Grayscale and Mark Shifke, the CFO of DCG, would take over on January 1st.
Bloomberg analyst Eric Balchunas commented on this, stating that Grayscale’s move is to emphasize to the SEC that it is a good child, and its transformation of GBTC into a Bitcoin Spot ETF is worth prioritizing for SEC approval.
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