Grayscale has announced on X platform that "we have submitted the S-3 form as part of our efforts to convert GBTC to ETF. We have been committed to working closely with the SEC to quickly handle related matters for GBTC investors." Grayscale explains that usually, the issuer will submit a registration statement for the initial public offering of equity securities registered under the Securities Act on Form S-1. However, GBTC is eligible to use Form S-3, which is a shorter document that incorporates its SEC disclosures and reports by reference, as its stock has been registered under the Securities Exchange Act of 1934 since January 2020 and meets other SEC requirements. Before GBTC can be converted to an ETF and its shares can be registered for sale under Form S-3, the NYSE Arca's 19b-4 application must be approved, exemptions or other relief must be obtained under Rule M, and Form S-3 must be declared effective by the SEC.