Grayscale submitted an updated filing for its pending spot Bitcoin ETF to the U.S. Securities and Exchange Commission (SEC) on Nov. 22.

The filing in question is an amended S-3 prospectus, a type of registration form used by firms that have previously met other reporting requirements.

Bloomberg ETF analyst James Seyffart suggested in an X post that the filing does not make significant changes. He wrote:

“Lot of people asking what this means. Haven’t read through all of it but [it’s] just [one] more data point confirming that Grayscale is in talks with SEC and is making updates/changes to their offering docs after discussions with & feedback from the SEC. Looking for any other new info.“

However, Seyffart noted that the application shortened a line related to cash orders and removed pages of risk disclosures. He initially suggested that the filing changed the fund’s ticker from GBTC to BTC, but later said he was in error.

Grayscale and SEC are in discussions

The news comes shortly after a Nov. 20 memo indicated that several members of the SEC’s Division of Trading and Markets met with various members of Grayscale and the law firm Davis Polk. The discussion concerned NYSE Arca’s listing of the proposed ETF. Grayscale’s CEO, Michael Sonnsenhein, was in attendance.

The ETF proposed by Grayscale is considerably different from other spot Bitcoin ETF applications, such as those from BlackRock and Fidelity. Grayscale uniquely proposes converting an existing investment vehicle into an ETF. Nevertheless, many believe the SEC’s engagement with Grayscale is a good sign for ETF prospects in general.

Grayscale also secured a court victory this year that, as of October, required the SEC to review its application. The SEC is not required to approve the application; it is only required to consider it after attempting to dismiss it in 2022.

Grayscale Bitcoin Trust (GBTC) fund currently trades at a discount — that is, below its net asset value (NAV). The difference is currently -11.86%, according to YCharts.