Grayscale CEO Hints At Timeline For Bitcoin Spot ETF Decision
Grayscale CEO Michael Sonnenshein has described the recent US appeals court decision overturning the SEC's block of his firm's proposed spot Bitcoin ETF as a "huge win." The ruling has raised hopes for the launch of the first US ETF directly investing in Bitcoin. Sonnenshein expressed uncertainty about the next steps for Grayscale, mentioning the final operational procedures and the 45-day window for an en banc hearing. The market reacted swiftly to the news, with GBTC shares surging 17% but later dipping, indicating some skepticism.
Bitcoin Price Recovers After Grayscale's Victory Against SEC, but Technical Indicators Show Weakness
Following Grayscale's victory over the US SEC on Tuesday, Bitcoin's price quickly recovered and surged past $27,500. However, it has since undergone a partial retracement and is currently trading at $27,240. On-chain data shows sustained trading volumes, with a significant resurgence of trader attention on Bitcoin. Large holders in the cryptocurrency space may have had insights about the Grayscale and SEC legal case's result, as wallets holding 10,000 to 10,000 Bitcoin collectively acquired around $388.3 million worth of BTC.
Analyst: Grayscale’s Win Could Make Alameda’s Redemption Suit Moot
According to Bloomberg Intelligence's lawsuit analyst in a report on Wednesday, Grayscale's victory over the SEC could pave the way for the company to convert it into the first spot Bitcoin ETF in the United States. This change would allow redemption of fund shares, making Alameda's lawsuit unnecessary, which demands that GBTC reduce fees and implement a redemption plan. Redemption may align the value of the fund with the value of the Bitcoin it holds, which has been a long-standing demand of the fund.
Bernstein: Grayscale's victory over the US SEC paves the way for spot Bitcoin ETF approval
Bernstein stated in a research report on Tuesday that following Ripple's favorable ruling last month, Grayscale, the management company of the Grayscale Bitcoin Trust Fund (GBTC), has achieved a second significant milestone victory in the cryptocurrency industry's lawsuit against the U.S. Securities and Exchange Commission (SEC). This ruling could pave the way for the approval of spot Bitcoin ETFs and increase the SEC's chances of approving all current applications together.
Grayscale Bitcoin Trust (GBTC) Shares Rally 17% After Major Victory Against US SEC
Grayscale has won a significant victory against the US SEC regarding the conversion of its Grayscale Bitcoin Trust (GBTC) to a spot Bitcoin ETF. This has led to a rally in the GBTC share price, which closed at $20.56 on Tuesday, August 29, with a reduced discount to the fund's underlying token holdings.
Grayscale Wins Court Battle Against SEC Over Bitcoin ETF Conversion
Grayscale has won a historic victory in the DC Court, which ruled that the SEC cannot deny its Bitcoin Trust GBTC conversion to a spot Bitcoin ETF. However, this does not automatically mean that GBTC will convert to a spot Bitcoin ETF. The SEC has two options if they want to stop Grayscale from proceeding with the spot Bitcoin, which includes revoking the approval of Bitcoin Futures ETFs or rejecting based on previously unexplored grounds. The victory has caused the Bitcoin price to surge by 6%, but industry experts have mixed opinions on whether Grayscale will secure approval for the product from the SEC.
BTC Rose Nearly 6% in 24 Hours, BCH Rose More Than 16% in 24 Hours
According to the OKX market, the cryptocurrency market rose across the board last night, with the following mainstream currencies performing as follows: BTC is currently reporting 27,610 USDT, a 24-hour increase of 5.70%; ETH is currently reporting 1,721.10 USDT, a 24-hour increase of 3.91%; LTC is currently reporting 68.01 USDT, a 24-hour increase of 3.97%; XRP is currently reporting 0.53435 USDT, a 24-hour increase of 2.59%; BCH is currently reporting 222.46 USDT, a 24-hour increase of 16.39%; SOL is currently reporting 21.662 USDT, a 24-hour increase of 5.15%; DOGE is currently reporting 0.06592 USDT, a 24-hour increase of 3.76%; MATIC is currently reporting 0.5863 USDT, a 24-hour increase of 4.25%.
SEC May Use Custody Argument To Refuse To Convert GBTC Into Spot ETF
Bloomberg analyst James Seyffart wrote on X platform (formerly Twitter) that it is currently uncertain whether the SEC will make a new decision in the coming weeks or months, or require Grayscale to submit a 19b-4 form (used to notify regulatory agencies of proposed rule changes).
About 30,000 BTC were sent to the exchange before the Grayscale ruling was announced
According to data released by analyst Ali, before the announcement of the legal outcome between Grayscale and the SEC, approximately 30,000 BTC were sent to a cryptocurrency exchange, increasing the exchange's supply from 1.13 million BTC to 1.16 million BTC.
Encrypted KOL: There are three options for the SEC to judge, and applying for a full appeal may only anger the court
Adam Cochran, a partner at Cinneamhain Ventures, posted on the X (formerly Twitter) platform that the SEC has three options regarding the court ruling: to postpone the decision and provide new reasons for rejection; to acknowledge and approve (Gray ETF); or to request an appeal of the case to all judges (en banc appeal). However, considering the reasons for the court's ruling and the fact that they repeatedly pointed out that the committee failed to support any of its arguments, an en banc appeal would be a terrible decision that could only anger the court. Earlier, Bloomberg ETF analyst James Seyffart said that the SEC could file an appeal for an en banc hearing within 45 days.
