Crypto asset manager Grayscale is advancing its efforts to transform its Bitcoin Trust (GBTC) into a spot Bitcoin exchange-traded fund (ETF). Following discussions with the Securities and Exchange Commission (SEC), Grayscale has filed a new preliminary prospectus. The notable change is the plan to modify GBTC’s ticker to “BTC,” though it’s not a direct filing for listing as BTC. Grayscale’s Global Composite Bitcoin ETF remains on the horizon, contingent on GBTC’s conversion approval. With over $20 billion in assets under management, Grayscale’s potential entry into the ETF market looms large, despite SEC delays.