Grayscale’s GBTC Discount Approaches 2-Year Low Amid SEC’s Missed ETF Appeal
The post Grayscale’s GBTC Discount Approaches 2-Year Low Amid SEC’s Missed ETF Appeal appeared on BitcoinEthereumNews.com. According to YCharts’ most recent data chart, it is evident that as of October 13, the gap between GBTC and Bitcoin’s net asset value (NAV) has shrunk to 15.87%. Continue reading to learn how. SEC Decided Not to Appeal Bloomberg’s ETF analyst, James Seyffart weighed in on the issue. He suggested that spot Bitcoin ETF approvals are now highly likely, calling it a “done deal” in his October 13 post, it appears that the U.S. Securities and Exchange Commission (SEC) has decided not to appeal the Grayscale decision. An important step is that the SEC decided not to challenge the court’s strong overturning of its judgment to refuse Grayscale’s request to convert its bitcoin trust into a more accessible exchange-traded fund (ETF). The SEC had until Friday at midnight to decide whether to appeal the court’s decision. However, the SEC chose not to file an appeal and allowed this time to pass. In response to this information, Bitcoin (BTC) surged, surpassing $27,000 and trading at around $27,950. Grayscale Is Prepared Grayscale also acknowledged on October 15 that the SEC’s 45-day timeframe for requesting a rehearing has passed. The court will thus issue its “final mandate” within seven calendar days. Grayscale reaffirmed its operational preparedness by claiming that, upon getting permission from the SEC, it is ready to transform the Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF). Grayscale claims that its team is prepared and ready to convert GBTC to an ETF as soon as the SEC approves. The company also states they will share more information as soon as practicable. This development denotes a significant change in the regulatory environment and raises hopes for creating an ETF that would make Bitcoin an easier investment option. Other Exchanges According to data, the discount for GBTC started to decrease after…
The post Grayscale’s GBTC Discount Approaches 2-Year Low Amid SEC’s Missed ETF Appeal appeared on BitcoinEthereumNews.com.
According to YCharts’ most recent data chart, it is evident that as of October 13, the gap between GBTC and Bitcoin’s net asset value (NAV) has shrunk to 15.87%. Continue reading to learn how. SEC Decided Not to Appeal Bloomberg’s ETF analyst, James Seyffart weighed in on the issue. He suggested that spot Bitcoin ETF approvals are now highly likely, calling it a “done deal” in his October 13 post, it appears that the U.S. Securities and Exchange Commission (SEC) has decided not to appeal the Grayscale decision. An important step is that the SEC decided not to challenge the court’s strong overturning of its judgment to refuse Grayscale’s request to convert its bitcoin trust into a more accessible exchange-traded fund (ETF). The SEC had until Friday at midnight to decide whether to appeal the court’s decision. However, the SEC chose not to file an appeal and allowed this time to pass. In response to this information, Bitcoin (BTC) surged, surpassing $27,000 and trading at around $27,950. Grayscale Is Prepared Grayscale also acknowledged on October 15 that the SEC’s 45-day timeframe for requesting a rehearing has passed. The court will thus issue its “final mandate” within seven calendar days. Grayscale reaffirmed its operational preparedness by claiming that, upon getting permission from the SEC, it is ready to transform the Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF). Grayscale claims that its team is prepared and ready to convert GBTC to an ETF as soon as the SEC approves. The company also states they will share more information as soon as practicable. This development denotes a significant change in the regulatory environment and raises hopes for creating an ETF that would make Bitcoin an easier investment option. Other Exchanges According to data, the discount for GBTC started to decrease after…
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