Bloomberg analyst James Seyffart stated on X platform that Grayscale has submitted a new S-3/prospectus for the conversion of GBTC, and the biggest update is the plan to change the code of GBTC to BTC, which is in line with analyst expectations.

According to Coinglass data, on November 20th, the Grayscale GBTC negative premium rate has narrowed to 10.11%, hitting a new low since August 12th, 2021.

ARK Invest's holdings data shows that as of the time of writing, the ARK Invest ETF has reduced its holdings of 425,467 shares of GBTC since November, with a value of approximately $12.33 million at current prices. As of Friday's close, GBTC closed at $28.99. It is worth noting that since ARK Invest increased its holdings by 11,249 shares of GBTC on September 5, it has not increased its holdings of GBTC.

Representatives of the company are answering questions from two divisions of the U.S. Securities and Exchange Commission in the wake of Grayscale's court win over the agency.

On November 10th, according to Coinglass data, the current negative premium rate of Grayscale Bitcoin Trust Fund (GBTC) is 13.04%; ETH Trust Fund (ETHE) has a negative premium rate of 18.65%; ETC Trust has a negative premium rate of 42.98%, LTC Trust has a negative premium rate of 1.56%, and BCH Trust has a negative premium rate of 3.76%.

The SEC is in discussions with Grayscale Investments regarding their application to convert their trust product GBTC into a spot bitcoin ETF. This decision could have significant implications for the crypto industry, as the approval of one or more ETF applications is eagerly anticipated by the sector. Grayscale has been in contact with both the SEC's Division of Trading and Markets and the Division of Corporation Finance since winning its court fight. The court decision was finalized last month, putting the application back in front of the regulator.

Ark Invest, the second-largest holder of Grayscale Trust (GBTC) shares, has sold off $3.8 million worth of GBTC shares and bought $5.6 million in Block shares. This is the second time Ark Invest has sold Grayscale shares in recent weeks, after offloading almost $5.8 million in Coinbase and GBTC shares on October 24. Block is a Bitcoin-focused payments company founded by ex-Twitter CEO Jack Dorsey, and last week reported better-than-expected Q3 earnings. Ark Invest is among the high-profile investment firms awaiting approval from the Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF).

On November 6th, ARK Invest adjusted its investment portfolio and purchased 113,326 shares of Block Inc. through its flagship products, ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and Ark Fintech Innovation ETF (ARKF). Based on Block's closing price of $49.52 that day, the total value of the transaction was approximately $5.61 million. In addition, Ark Invest sold approximately $3.76 million worth of GBTC through ARKW. Data shows that GBTC's closing price on Monday was $26.95. Previously, Cathie Wood, founder of investment management company ARK Invest, stated that in addition to having potential in an inflationary environment, Bitcoin can also serve as a hedge tool against deflation.

Grayscale won a lawsuit against the SEC in August, and the Washington DC Circuit Court of Appeals made an official ruling last week. Last month, the company submitted an application to the SEC to register GBTC stocks on the S-3 form under the 1933 Securities Act. The SEC needs to sign this form and the 19b-4 document submitted by NYSE Arca on behalf of Grayscale in order to continue the conversion. Jay Gould, special advisor to Baker Botts law firm, expects NYSE Arca to resubmit the 19b-4 on behalf of Grayscale, as this may be the fastest and most effective solution. If the SEC rejects the request again, Grayscale may find it necessary to "return to court."

Data from ARK Invest's Ark Fund shows that it sold a total of 206,996 GBTC shares last week, valued at approximately $5.19 million at current prices. As of Friday's close, GBTC was trading at $25.07.