Progress in Grayscale’s Case Could Bring Further Clarity to ETF Approval
Observers are eagerly awaiting a potential announcement surrounding the possibility of a Bitcoin (BTC) exchange-traded fund (ETF) on Friday.
On October 20, a District of Columbia court is set to issue a mandate that could solidify an August opinion in favor of Grayscale, which sought to convert its Bitcoin trust (GBTC) into an ETF.
The US Securities and Exchange Commission (SEC) recently decided not to appeal the previous ruling, creating anticipation for the next steps in the process.
Industry analysts, including Elliott Stein and James Seyffart of Bloomberg Intelligence, anticipate some announcement or additional information from the SEC, Grayscale, or the courts regarding the next course of action.
„We are waiting on some sort of announcement or just additional information from the SEC, Grayscale or possibly the courts on what happens next,“ said Seyffart.
„The full next steps can’t truly be known because this is a first-of-its-kind situation.“
Investment Firms File Amended Applications
As reported, Fidelity Investments, one of the world’s largest asset management firms, has filed an amendment application to its proposed Wise Origin Bitcoin Trust.
The amendment addresses crucial aspects such as the secure custody of customers‘ Bitcoin holdings and the disclosure of risks associated with the regulatory landscape surrounding cryptocurrencies.
Fidelity’s move follows similar actions by Ark Invest and Invesco, who recently amended their own filings for spot Bitcoin ETFs.
These developments indicate ongoing discussions between prospective ETF providers and the SEC, leading to a surge in optimistic sentiment among traders and market observers.
Frequently Asked Questions
Was Grayscale’s GBTC approved as an ETF?
No, Grayscale’s GBTC has not been approved as an ETF yet. The District of Columbia court is set to issue a mandate that could solidify an August opinion in favor of Grayscale’s conversion of GBTC into an ETF.
What are industry analysts expecting?
Industry analysts, including Elliott Stein and James Seyffart of Bloomberg Intelligence, are expecting an announcement or additional information from the SEC, Grayscale, or the courts regarding the next course of action for the potential Bitcoin ETF.
Which investment firms have filed amended applications for spot Bitcoin ETFs?
Fidelity Investments, Ark Invest, and Invesco have filed amended applications for spot Bitcoin ETFs. These firms are addressing crucial aspects such as secure custody of customers‘ Bitcoin holdings and disclosure of risks associated with the regulatory landscape.
