The Securities and Exchange Commission (SEC) sued Grayscale Investments, a corporation that manages a $16.6 billion Bitcoin Trust, but Grayscale Investments has prevailed in the case. The D.C. Circuit Court handled the case. This will make it easier for the business to convert its GBTC into a spot Bitcoin ETF. Grayscale will be the first company to accomplish this in the US as a result.
Analysts keeping an eye on the situation include Timothy Peterson and Crypto Rover, who are taking into account the current 17% Grayscale GBTC discount. They predict that there will be substantial selling requirements if the conversion is approved.
Despite the favourable circumstances, there is a sense of dread because Coinbase is still being sued for operating unregistered securities exchanges. Analysts at Berenberg feel that the SEC is likely to reject Grayscale’s recommendations due to the complexity of the case.
The Securities and Exchange Commission (SEC) is compelled to appeal the ruling rendered by the court right away. In the event that they are unable, this might mark the first time the spot Bitcoin ETF in the US has been given approval. The ensuing factor could have a significant effect on Grayscale Investments as well as the American bitcoin market as a whole.
