Grayscale Bitcoin Trust is trading higher by 3% after it filed Form 10 with the United States Securities and Exchange Commission (SEC) to become the first-ever crypto fund to report to the regulator.
Major Development
The crypto ecosystem has grown at a breakneck pace over the past few years, and it can be said that a viable ecosystem has taken shape. Things like a Bitcoin fund could not have been envisaged half a decade ago, but they are now a reality. In a new development, one of those funds is going to report to the United States Securities and Exchange Commission. Grayscale Bitcoin Trust, which is a publicly-traded Bitcoin fund, has revealed that it has filed Form 10[3] with the SEC and is going to have the distinction of being the first such fund to report to the commission.
That being said, it should be noted that Grayscale has only applied for the approval, and things are far from finalized. The company released a blog post on November 19 with regards to the developments and revealed that many aspects of the fund will change if the application is eventually approved by the regulator. If approved, Grayscale Bitcoin Trust would have to abide by the rules of a company that abides by SEC rules, and that would mean the registration of its shares under the provisions of the Exchange Act.
>> Bitcoin Stays Bearish: Is the Bottom Finally in Sight?[4]
Grayscale stated that accredited investors are going to benefit[5] if the approval comes through. The company stated, “Accredited investors who have previously purchased shares in the Trust’s private placement would have an earlier liquidity opportunity, as the statutory holding period of
