US Court of Appeals officially approved decision according to which SEC Grayscale Investments’ conversion request needs to be reconsidered GBTC into a spot ETF based on the first cryptocurrency.
In June, the asset manager sued the regulator for refusing to convert its flagship trust. The company sent the corresponding application back in October 2021.
At the end of August, the court granted Grayscale’s request and ordered the Commission to reconsider the decision.
The new document repeats the decision of the appellate court. According to the ruling, the management company proved that the proposed spot ETF is similar to already approved Bitcoin futures exchange-traded funds.
Earlier it became known that the SEC does not intend to appeal the court’s decision in the case against Grayscale.
The firm will list GBTC on the NYSE Arca exchange. Once the Form S-3 and separate 19b-4 filing are approved, the company will begin producing the product on a continuing basis.
In July, the SEC accepted requests to launch spot Bitcoin ETFs from BlackRock, VanEck, Invesco, Fidelity Investments and WisdomTree. Franklin Templeton later joined them.
On August 31, the regulator delayed making a decision on several applications until at least mid-October. At the end of September, the regulator postponed the consideration of Bitcoin ETFs to January 2024.
JPMorgan doubted that the launch of investment products would change the rules of the game for the crypto market due to the low interest in it in those jurisdictions where they are allowed.
In October, Matrixport analysts predicted the growth of digital gold as a result of the approval of a Bitcoin ETF to $42,000-56,000. CryptoQuant received values of $50,000-73,000.
Source: Cryptocurrency
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