Grayscale Submits Filing For Bitcoin Trust Transformation; Aims For NYSE Arca Listing
Portfolio Pulse from Murtuza Merchant
Grayscale Investments has submitted a new registration document to the SEC, aiming to transform the Grayscale Bitcoin Trust (OTC:GBTC) into a spot Bitcoin ETF and list it on NYSE Arca. This move follows a directive from a D.C. circuit court. Other asset management companies like BlackRock Inc (NYSE:BLK) and Fidelity are also seeking SEC approval for their Bitcoin ETFs. The SEC has not appealed a court decision favoring the possibility of a spot Bitcoin ETF, fueling positive industry sentiments.
October 19, 2023 | 2:32 pm
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POSITIVE IMPACT
BlackRock is also seeking SEC approval for its Bitcoin ETF, which could potentially increase the value of BLK shares.
BlackRock's move to seek SEC approval for its Bitcoin ETF could attract more investors, potentially driving up the price of BLK shares.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
The potential approval of spot Bitcoin ETFs by the SEC could increase the value of Bitcoin.
The potential approval of spot Bitcoin ETFs by the SEC could attract more investors to Bitcoin, potentially driving up its price.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Grayscale's move to transform its Bitcoin Trust into a spot Bitcoin ETF and list it on NYSE Arca could potentially increase the value of GBTC shares.
The transformation of Grayscale's Bitcoin Trust into a spot Bitcoin ETF and its listing on NYSE Arca could attract more investors, potentially driving up the price of GBTC shares.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 100