Grayscale CEO Michael Sonnenshein took to its flagship fund in a bitcoin spot ETF. .
On June 29, 2022, Grayscale filed a lawsuit against the SEC for denying its bitcoin ETF spot conversion. Grayscale has since won its lawsuit against the SEC, and the regulator decided not to appeal the court decision. Ten days later, the US Court of Appeals issued an order that the SEC must re-review Grayscale’s bitcoin ETF spot application.
Approval of a spot ETF by the SEC appears all but certain, with Grayscale’s chief legal officer recently saying that approval of a spot bitcoin ETF is “a question of when, no longer a question of if.” JPMorgan also commented in September, saying the SEC will likely be forced to approve spot bitcoin ETFs, following Grayscale’s victory in court.
Last week, this was highlighted by Bloomberg’s ETF analyst. James Seyffart which is a brief window of opportunity for the SEC to approve the 12 spot bitcoin ETF filings, including Grayscale’s GBTC conversion. This window opened last Thursday and will remain open for at least eight days, making this the last chance for approval for a spot bitcoin ETF in the US in 2023.
While it is possible that the batch of bitcoin spot ETFs could be approved this week, it seems unlikely. “If we are indeed going to see bitcoin ETF approvals for this wave, I think it is more likely to happen closer to January than in this current window.” saying Seyffart.
bitcoin is up 122% so far this year, at the time of writing, on speculation of the approval of the first spot ETF in the United States, in addition to the upcoming halving in 2024.
