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Grayscale updates spot Bitcoin ETF filing amid Silbert’s resignation

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Grayscale updates spot Bitcoin ETF filing amid Silbert’s resignation

Crypto asset manager Grayscale has updated its S-3 filing for a spot Bitcoin (BTC) ETF.

According to Bloomberg analyst James Seyffart, Grayscale filed an updated filing with the U.S. Securities and Exchange Commission (SEC) the same day Barry Silbert — CEO of parent company Digital Currency Group — announced his resignation from Grayscale’s board of directors.

“Even Grayscale is accepting the SEC’s Cash-only creation/redemption edict. Looks like they’re bending the knee.”

James Seyffart, Bloomberg analyst

Some crypto market commentators have speculated that Silbert’s departure could significantly increase the chances of Grayscale successfully converting its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, which is currently awaiting an SEC decision.

Aside from Silbert’s resignation, according to Bloomberg ETF senior analyst Eric Balchunas, the most notable element of the amended S-3 filing was that Grayscale had “finally given in” to the cash creation model.

On Dec. 26, Silbert left the board of directors of the project’s subsidiary, Grayscale Investments.

Why Silbert decided to distance himself from Grayscale is unknown.

Previously, the businessman found himself at the center of several scandals. From the end of 2022 to the beginning of 2023, Silbert became a participant in a conflict that broke out between DCG and the Gemini crypto exchange; and in June 2023, he was suspected of financial fraud.

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