SEC Backs Down In Grayscale Bitcoin ETF Case, Won't Contest Court Decision: Report
Portfolio Pulse from Murtuza Merchant
The Securities and Exchange Commission (SEC) has reportedly decided not to contest a court decision that ordered the regulatory agency to review its rejection of Grayscale's application to turn its Bitcoin trust into an exchange-traded fund (ETF). This could potentially pave the way for the first Bitcoin ETF in the US. Grayscale, which manages the world's largest cryptocurrency fund, believes that transitioning GBTC to an ETF would bridge the valuation gap between the fund's price and its underlying Bitcoin assets.
October 13, 2023 | 10:03 pm
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POSITIVE IMPACT
The potential approval of Grayscale's Bitcoin ETF could increase the demand for Bitcoin, potentially leading to a rise in its price.
The approval of a Bitcoin ETF would make Bitcoin more accessible to a wider range of investors, potentially increasing demand and driving up the price.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The potential transition of GBTC to an ETF could bridge the valuation gap between the fund's price and its underlying Bitcoin assets, potentially leading to a rise in GBTC's price.
The transition of GBTC to an ETF would allow for a creation-redemption mechanism that adjusts share supply based on demand, potentially leading to a rise in GBTC's price.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 100