After a federal judge ordered that the Securities and Exchange Commission (SEC) must examine its rejection of Grayscale Investments’ request to convert the Grayscale Bitcoin Trust (GBTC) into an ETF, the United States may be poised to obtain its first spot bitcoin exchange-traded fund.
This is a very important step not only for Grayscale but for all the investment funds that applied to have a Bitcoin ETF. Let’s see how this news can change everything.
Grayscale Was the First to File for a Bitcoin ETF
Grayscale Investments originally requested the conversion of its GBTC closed-end fund into an exchange-traded fund in October 2021. However, The SEC denied the application. Citing that the application failed to address the SEC’s questions concerning preventing market manipulation, among other issues. Then, Grayscale then filed an appeal with the SEC less than an hour after the regulatory body denied its application.
Email SEC
ask nicely that they accommodate @Grayscale request to have $GBTC Bitcoin Trust fund converted into USA's first $BTC spot ETFpower that it will give Americans is critical
We need protection from inflationalso tailwind for Zcash $ZCSH $zec pic.twitter.com/TX7NM9UcJz
— Reformed Maximalist (@LocaLaughs) March 22, 2022
However, all this legal and technical whirlwind has come to an end. Today, Tuesday, August 29, the federal court ruled in favor of Grayscale.
Could GBTC Be the ETF That Changes the Industry?
A few minutes before publishing this article, the news of the US federal court ruling in favor of Greyscale’s Bitcoin ETF (GBTC) is not only driving the price of Bitcoin from 26000 to 27500 in less than 30 minutes but could quietly be the beginning of the long-awaited bull run ahead of the next Bitcoin Halving of 2024.
Grayscale got a green light from a federal court to launch the first Bitcoin ETF in the US, a watershed moment in the cryptocurrency industry’s quest to tap billions of dollars from everyday investors.@sonalibasak reports https://t.co/NL4TwDNacK pic.twitter.com/aHN9CwFh7T
— Bloomberg Crypto (@crypto) August 29, 2023
It is true that this Bitcoin ETF was the first to be applied for and will be the first to be approved thanks to this court ruling. Therefore, it is most likely that BlackRock’s Bitcoin ETFs and the other investment funds will be approved very soon. We will continue to update.
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