The US Court of Appeals has directed the US Securities and Exchange Commission (SEC) to take another look at Grayscale Investment’s request to change its Bitcoin Trust into a Bitcoin ETF, a move that has had a positive impact on crypto market sentiment.
In a significant development, the US Court of Appeals upheld its August 29 decision, stating that the SEC’s previous approval of Bitcoin Futures ETFs while denying spot Bitcoin ETFs was “arbitrary and capricious.” The SEC did not contest this ruling.
Following this, Grayscale submitted an S-3 form registration settlement with the SEC on October 19, aiming to list Grayscale Bitcoin Trust shares on the New York Stock Exchange Arca using the GBTC ticker symbol.
Today, we filed Form S-3 as part of our efforts to convert $GBTC to an ETF. We remain committed to working collaboratively and expeditiously with the SEC on behalf of GBTC’s investors.
Find out more and access important disclosures: https://t.co/r6l7sC0S2o pic.twitter.com/fnBnwRbcwF
— Grayscale (@Grayscale) October 19, 2023
Notably, the SEC has yet to approve any spot cryptocurrency ETF in the United States, drawing criticism from the crypto community and certain lawmakers, including House Financial Services Committee Chair Patrick McHenry.
Spot Bitcoin ETF Approval Expected Amid Growing Pressure
As pressure mounts on the U.S. Securities and Exchange Commission (SEC), there’s growing anticipation of an approval for a spot Bitcoin ETF. BlackRock, the world’s largest asset manager, set the stage by filing for a spot Bitcoin ETF in June, encouraging other firms to reapply.
BlackRock’s ETF, the iShares Bitcoin Trust, may be on its way to the market as it gets listed on the Depository Trust & Clearing Corporation (DTCC), offering clearing and settlement services for NASDAQ trades.
The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC. Again all part of the process of bringing ETF to market.. h/t @martypartymusic pic.twitter.com/8PQP3h2yW0
— Eric Balchunas (@EricBalchunas) October 23, 2023
Investors are closely watching Bitcoin’s price, which recently surged to an 18-month high, leading to substantial liquidations of Bitcoin shorts. BTC was trading at $34,518 at 7:15 am ET.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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