Grayscale partners with FTSE Russell to launch cryptocurrency index product
Grayscale Investments is partnering with FTSE Russell, a subsidiary of the London Stock Exchange and a London-based index provider, to enter the cryptocurrency index business.
The two companies announced on Tuesday morning that they will jointly launch a product called the "Crypto Sector Index Series," which will include several indices that track the prices of various digital assets according to their use cases.
According to the announcement, this will include cryptocurrencies such as Bitcoin and Litecoin as a store of value and medium of exchange, smart contract projects such as Ethereum, Solana, and Polygon, tokens representing financial services such as Uniswap, Compound, and Curve, tokens representing art, gaming, and media assets such as NFT projects, and projects aimed at real-world applications such as Chainlink and Filecoin.
The court made a final ruling on the case of Grayscale v. SEC, returning the approval power of Bitcoin ETF to the SEC
FOX Business journalist Eleanor Terrett posted on social media that the District of Columbia Appeals Court has officially made a final ruling on the Grayscale vs. SEC case. There is no new content, only a formal authorization statement.
Grayscale has obtained a court order on the issue of Bitcoin ETF with the US SEC. The court ruling returns the approval authority of Bitcoin ETF to the US SEC, and the US SEC has been instructed to take the next step in dealing with the Grayscale Bitcoin ETF plan.
Federal Court to Formalize Grayscale's Win Against SEC in Bitcoin ETF Dispute
Grayscale Investments is awaiting a federal court decision to formalize their win against the Securities and Exchange Commission (SEC) in a dispute over a spot bitcoin exchange traded fund (ETF) application. The court may direct the SEC towards a specific timeline for rethinking the application, but it is uncertain. If approved, Grayscale plans to list the ETF on NYSE Arca, making it widely available to investors. The SEC could still reject the application again for different reasons, or give in and approve it along with other ETF applications from financial giants BlackRock and Fidelity.
Grayscale: Form S-3 filed as part of effort to convert GBTC to ETF
Grayscale has announced on X platform that "we have submitted the S-3 form as part of our efforts to convert GBTC to ETF. We have been committed to working closely with the SEC to quickly handle related matters for GBTC investors." Grayscale explains that usually, the issuer will submit a registration statement for the initial public offering of equity securities registered under the Securities Act on Form S-1. However, GBTC is eligible to use Form S-3, which is a shorter document that incorporates its SEC disclosures and reports by reference, as its stock has been registered under the Securities Exchange Act of 1934 since January 2020 and meets other SEC requirements. Before GBTC can be converted to an ETF and its shares can be registered for sale under Form S-3, the NYSE Arca's 19b-4 application must be approved, exemptions or other relief must be obtained under Rule M, and Form S-3 must be declared effective by the SEC.
Grayscale has filed an S-3 application for GBTC in an attempt to gain approval for a spot Bitcoin ETF
ETF analyst James Seyffart stated on X platform that Grayscale has submitted an S-3 application for GBTC, which is a simplified version of the typical S-1 registration statement used for issuing new shares. Grayscale stated in a statement that GBTC intends to list on NYSE Arca under the code GBTC, and will continue to issue shares after obtaining approval for the listing application on NYSE Arca Form 19b-4 and the effectiveness of the registration of shares on Form S-3. The filing was submitted the day before the expected court order by the US Circuit Court of Appeals in Washington DC, which is essentially a reiteration of its preliminary ruling in August and is seen as the final procedure in this matter.
GBTC negative premium narrowed to 14% intraday, the lowest since 2021
According to Bloomberg Intelligence compiled data, Grayscale Bitcoin Trust Fund (GBTC) narrowed to about 14% during the day, which is the narrowest reading since 2021. Earlier this year, GBTC's negative premium was close to 50%. As of 11:00 am Eastern Time on Monday, Bitcoin rose by about 3.6%, while GBTC's stock price rose by 7.9%.
Grayscale Bitcoin Trust Discount Narrows As Market Anticipates Bitcoin Spot ETF Approval
Grayscale Bitcoin Trust (GBTC) is currently trading at its lowest discount in almost two years, with the discount to Bitcoin net asset value (NAV) narrowing to 15.87% as of Oct. 13. This comes as spot Bitcoin ETFs move closer to potential approval in the United States, with BlackRock and other financial institutions filing spot Bitcoin ETF applications in mid-June. Analysts believe that GBTC's discount will continue to narrow as spot Bitcoin ETFs near approval, with some predicting that the discount will "evaporate" over the next week or two. Grayscale has stated that they remain operationally ready to convert GBTC to an ETF upon SEC approval.
SEC Reportedly Won’t Appeal Court Decision Favoring Grayscale’s Bitcoin ETF Application Review
The U.S. Securities and Exchange Commission (SEC) will reportedly not appeal the court decision that favored Grayscale Investments, requiring the SEC to review the firm's spot Bitcoin exchange-traded fund (ETF) application. Bloomberg analysts expect the SEC not to appeal to the Supreme Court, but this does not guarantee approval of Grayscale's application.
SEC will not appeal court ruling on Grayscale's bitcoin ETF application
The US Securities and Exchange Commission (SEC) will not challenge a court ruling that found it was incorrect to reject Grayscale Investments' application to create a spot bitcoin exchange-traded fund. The decision allows the SEC to review Grayscale's proposal. The source familiar with the matter confirmed the news.
Grayscale Files New Ethereum Futures ETF With SEC
According to the Wall Street Journal, Grayscale investment company submitted an application to the US Securities and Exchange Commission (SEC) on Tuesday for a new Ethereum futures ETF, which is registered under the 1933 Securities Act that sets out the registration procedures for commodity and spot Bitcoin ETFs. Grayscale previously applied for a separate Ethereum futures ETF under the 1940 Investment Company Act, which most securities-based ETFs are registered under.
