Bitcoin ETF Imminent? Grayscale Wins Years Long Fight Against SEC That May Open Floodgates
Portfolio Pulse from Anusuya Lahiri
A federal court has ordered the U.S. SEC to review its rejection of Grayscale Investments’ attempt to convert the Grayscale Bitcoin Trust (GBTC) into an ETF. The court stated that the SEC failed to adequately explain why it approved the listing of two bitcoin futures ETPs but not Grayscale’s proposed bitcoin ETP. This decision comes after several institutions, including BlackRock, WisdomTree, and Coinbase Global, filed applications for spot bitcoin ETFs.
August 29, 2023 | 3:13 pm
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BlackRock has filed an application for a spot bitcoin ETF, which could potentially be approved following a court order for the SEC to review its rejection of Grayscale's application.
The court order for the SEC to review its rejection of Grayscale's application could potentially lead to approval of other applications for spot bitcoin ETFs, such as BlackRock's. This would likely positively impact BlackRock's stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Coinbase Global could potentially police trading in the underlying bitcoin market for spot bitcoin ETFs, following a court order for the SEC to review its rejection of Grayscale's application.
The court order for the SEC to review its rejection of Grayscale's application could potentially lead to approval of spot bitcoin ETFs, for which Coinbase Global could police trading in the underlying bitcoin market. This would likely positively impact Coinbase Global's stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Grayscale Bitcoin Trust (GBTC) could potentially be converted into an ETF following a court order for the SEC to review its rejection. This could eliminate the current discount of GBTC.
The court order for the SEC to review its rejection of Grayscale's application to convert GBTC into an ETF could potentially lead to approval. This would likely eliminate the current discount of GBTC, positively impacting its price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
WisdomTree has filed an application for a spot bitcoin ETF, which could potentially be approved following a court order for the SEC to review its rejection of Grayscale's application.
The court order for the SEC to review its rejection of Grayscale's application could potentially lead to approval of other applications for spot bitcoin ETFs, such as WisdomTree's. This would likely positively impact WisdomTree's stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50