Bloomberg ETF analyst Eric Balchunas has issued an analysis of Grayscale's recently submitted prospectus. The document explicitly confirms Grayscale's cash-only acceptance for its fund, a stipulation met with no surprise given the firm's market position. Nevertheless, Balchunas noted the absence of any named authorized participants (AP) in the prospectus, a section that the Securities and Exchange Commission (SEC) typically expects to be completed. He expressed uncertainty over this omission, especially as Grayscale has previously appeared confident about this aspect of their fund. In addition, he highlighted another possible area of concern - the document's apparent lack of information regarding fees, another significant element that hasn’t been thoroughly addressed as per his observation. These details, or the lack thereof, leave open questions about the true structure and operation of Grayscale's proposed fund.