Join our Telegram channel to stay up to date on breaking news coverage
The US Court of Appeals ordered the US Securities and Exchange Commission (SEC) to re-review Grayscale Investment’s application to convert its bitcoin Trust into a spot bitcoin ETF, helping boost cryptocurrency market sentiment.
JUST IN: Judge orders SEC to re-review Grayscale’s bid for a spot bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF.
— Watcher.Guru (@WatcherGuru) October 23, 2023
He mandate reaffirms the court’s Aug. 29 ruling that said the regulator’s decision to approve bitcoin futures ETFS, but not bitcoin ETFs, was “arbitrary and capricious.” The SEC did not appeal that ruling.
Grayscale on October 19 filed a Form S-3 registration agreement with the SEC to list shares of Grayscale bitcoin Trust on the New York Arca Stock Exchange under the symbol GBTC.
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 investors.
Learn more and access important disclosures: https://t.co/r6l7sC0S2o pic.twitter.com/fnBnwRbcwF– Grayscale (@Grayscale) October 19, 2023
The SEC has yet to approve any spot crypto ETFs in the US. The reluctance has drawn criticism from the crypto community and some lawmakers, including the chairman of the House Financial Services Committee. Patrick McHenry.
BlackRock ETF could be the first on the market
The tides are turning and it seems likely that the SEC will bow to pressure and approve a spot bitcoin ETF soon.
BlackRock, the world’s largest asset manager, filed for a spot bitcoin ETF on June 15. The filing encouraged other companies, whose applications had previously been denied, to reapply with the SEC.
BlackRock iShares bitcoin Trust will use Coinbase as custodian. Now it looks like this ETF could be on its way to the market after listing on the Depository Trust & Clearing Corporation (DTCC). DTCC offers clearing and settlement services for NASDAQ trades.
iShares bitcoin Trust is listed on DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trading). And the ticker will be $IBTC. Again it’s all part of the process of bringing the ETF to the market. h/t @martypartymusic pic.twitter.com/8PQP3h2yW0
– Eric Balchunas (@EricBalchunas) October 23, 2023
As cryptocurrency investors bet on ETF approval, bitcoin is in the spotlight. The coin soared to an 18-month high, causing over $300 million in bitcoin shorts to be liquidated by glass coin data. btc was trading on bitcoin“>$34,518 at 7:15 a.m. Eastern Time.
Also read:
Join our Telegram channel to stay up to date on breaking news coverage
