Tick, tock, tick, tock. Remember: not long ago, just a few weeks, Grayscale won a victory in American justice. The subject ? The transformation of its GBTC product into a specialized Bitcoin exchange-traded fund (ETF). In August, a group of judges forced the SEC (Securities and Exchange Commission) to review its position, rejecting its initial decision and pushing the agency to reevaluate Grayscale’s request. Faced with this situation, the American SEC was obliged to begin talks.
The SEC versus Grayscale: the Bitcoin ETF at stake
The SEC would therefore have engaged in discussions with Grayscale regarding its proposal to convert GBTC, a product that currently trades on the stock market, into a Bitcoin Spot ETF.
At the same time, information relayed by our colleagues at CoinDesk indicates that Grayscale has increased exchanges not only with the Division of Commerce and Markets, but also with that of Finance of the SEC in recent weeks.
Anticipation is being felt within the crypto community, wherecoveted approval of a Bitcoin Spot ETF is seen by many as the Holy Grail, the catalyst that could propel cryptocurrency adoption to the next level.
Unlike derivatives or futures-based funds, a Bitcoin Spot ETF would allow investors to have direct exposure to the current price of bitcoin.
A basic trend is therefore accentuated here. Now is an opportune time to identify who among the contenders such as Fidelity, BlackRock or Ark Invest, will emerge on top. Bloomberg analysts are categorical and optimistic: the arrival of a Bitcoin ETF on the market seems imminent. Case to be continued, on the Journal du Coin.