On the 21st of January, it has been announced that the Grayscale Bitcoin Trust is now reporting to the United States Securities and Exchange Commission (SEC). It is the first of its kind to be engaged within such an arrangement and is undoubtedly a huge step forward for Grayscale’s plan to hit the public trading.
The link to the full Form 10 submitted by Grayscale.
In accordance with this agreement, the Trust is now required to submit quarterly and annual reports to the SEC. Such reports are available for the whole public to see. Grayscale promises to abide by the SEC regulations. However, they are refusing to specify when they will file the first of these particular reports.
Grayscale then clarified that they are still open to accepting more shares from accredited investors in spite of the Bitcoin Trust’s private placement periods. This decision sounds controversial, but the owning or buying shares from the Trust at this time would give them a vast advantage. This would make it quicker for them to liquidate their assets with a reduced holding period of up to 6 months.
This breaking announcement came in suddenly as the SEC is planning to implement changes to the designation of their accredited investors – as indicated in the 1934 act’s Section 12. The SEC puts their trust to the executive class investors to approach this with insight to avoid substantial risks. Meanwhile, they the common or Main Street investor has no idea of this insight.