Grayscale ‘Encouraged’ by SEC Rulings Ahead of Bitcoin ETF Decision
— Invest primarily, Industry watchers, Inverse performance, Listed derivatives markets, Agency also last week gave, Optimistic ahead, Inbox every evening, Serving, Wardwell — 1 min read
Grayscale Bitcoin Trust (GBTC) is operationally ready to convert into an ETF, CEO Michael Sonnenshein says. The investment vehicle has traded at a discount of roughly 30% to its net asset value in recent weeks. Bitcoin traded around $21,000 Monday afternoon, down about 70% from all-time highs last November. The SEC is slated to rule on a separate spot bitcoin ETF application from Bitwise Asset Management by week’s end. A number of industry watchers do not expect a spot bitcoin ETP to launch until 2023 — at the earliest — at least at least until next year, according to industry insiders. Grayscare has said they wouldn’t rule out a lawsuit if the application is denied. Source