Bloomberg analysts note that although the court ordered the SEC to reconsider the refusal of Grayscale’s application to convert the GBTC fund into a spot ETF, this does not automatically mean approval of the application.
“I don’t think the SEC will appeal to the Supreme Court. The dialogue between Grayscale and the regulator should begin next week,” said Bloomberg Intelligence analyst James Seyffart.
Indeed, in early September, Grayscale representatives called for the SEC’s cooperation regarding an application to convert the GBTC fund into a traded exchange-traded fund. Seyffart believes that in the coming weeks the regulator’s position regarding spot Bitcoin ETFs will become clearer. Currently, the SEC is reviewing about 7 such applications.
Previously, Bloomberg analysts gave a 95% probability of approval of spot cryptocurrency ETFs in the United States by the end of 2024.
Source: Bits
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