BlackRock and Grayscale Updated Bitcoin ETF Applications

Analyst Bloomberg Jafe Seyffart published on X (formerly Twitter) news that investment companies BlackRock and Grayscale almost simultaneously submitted new applications for a Bitcoin ETF, writes RBC Crypto.

Later Grayscale herself posted in a corporate blog statement announcing a new filing with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into an ETF.

On August 29, the court upheld Grayscale’s claim challenging the regulator’s refusal to approve its application to launch a Bitcoin ETF. The commission’s deadline for filing an appeal expired on October 13, after which it became clear that there would be no appeal. Progress in the Grayscale case brings further clarity to the ETF approval process, which remains largely opaque to outside observers.

At the beginning of the week, amid rumors about the approval of the iShares spot ETF, the Bitcoin rate immediately soared to $30 thousand, after which it fell to $28 thousand after the news was denied. At the same time, BlackRock CEO Larry Fink said that this price behavior is a consequence of “accumulated interest in cryptocurrencies.” According to Bloomberg Intelligence analysts, the likelihood that the SEC will approve the ETF in early January 2024 is estimated at 90%.


Source: Cryptocurrency

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