Grayscale's GBTC to Spot Bitcoin ETF Conversion Application Update

Bloomberg ETF analyst James Seyffart posted on the X platform, stating that Grayscale has submitted a new S-3/prospectus for the conversion of GBTC to an ETF. The most significant update is the plan to change the code from GBTC to BTC, confirming that Grayscale is in negotiations with the SEC. The product documents are being updated/changed following discussions and feedback from the SEC. Yesterday, James Seyffart mentioned on the X platform that Grayscale had a meeting with the SEC's Trading and Markets division (responsible for approving or disapproving 19b-4 filings). There are rumors that other potential Bitcoin spot ETF issuers have also met with the SEC in the past week.