In a significant development for the cryptocurrency investment community, the Securities and Exchange Commission (SEC) has decided not to seek a rehearing on Grayscale Investments LLC’s proposal to convert its Bitcoin trust into a spot Bitcoin exchange-traded fund (ETF). Grayscale’s persistent efforts to convert its Grayscale Bitcoin Trust (GBTC) received attention earlier this year when it achieved a legal victory in a federal court. This win opened the possibility for GBTC to become the first US ETF to directly invest in Bitcoin. The SEC had until Friday to appeal the decision but chose not to, indicating a potential start to dialogue between Grayscale and the SEC. This development brings further clarity to the ETF approval process and has sparked hope that a Bitcoin ETF in the US might finally become a reality.
Alongside Grayscale, there are multiple contenders racing to secure SEC approval for a Bitcoin ETF. ARK Invest, for instance, recently submitted an updated version of its Bitcoin ETF prospectus, becoming the first entity to make such amendments. Other competitors like BlackRock and Fidelity are also in the running. Analysts predict that there is a 90% chance of SEC approval for a Bitcoin ETF by January 10. This news has had an immediate impact on the market, with the price of BTC rising to $28,000 following the SEC’s decision. The cryptocurrency community eagerly awaits further updates on the progress of these ETF proposals.
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