Grayscale submits revised Bitcoin spot ETF conversion application stating that creation and redemption can only be done in cash

Bloomberg analyst James Seyffart posted on social media that based on public documents, Grayscale has resubmitted a revised S-3 document to the SEC today, with the aim of converting GBTC to a Bitcoin spot ETF. The analyst pointed out that Grayscale has made concessions and is accepting the SEC's requirement for "cash-only creation/redemption of shares".