Grayscale ETF ruling comes into effect; Bitcoin experiences 7.6% daily gains

Grayscale ETF ruling comes into effect; Bitcoin experiences 7.6% daily gains
фото показано с : cryptoslate.com

2023-10-25 03:46

Courts issued a new mandate concerning Grayscale’s spot Bitcoin ETF proposal on Oct. 23, followed by gains across multiple markets.

Grayscale aims to convert its GBTC fund to a spot Bitcoin exchange-traded fund (ETF). Courts issued a judgment compelling the U.S. Securities and Exchange Commission (SEC) to review the relevant proposal on Aug. 29. The matter attracted attention again this week as courts issued a formal mandate that further compels a review.

The latest mandate has coincided with growth among multiple assets. Grayscale Bitcoin Trust (GBTC) — the subject of the above proceedings — is up 5.9% today.

The crypto market, meanwhile, has seen broader gains. Bitcoin (BTC) gained 7.6% in the 24-hour period ending 10 p.m. UTC on Aug 24. Bitcoin outperformed Ethereum (ETH), up 3.9% over the same time period, and the entire crypto market, up 5.4%.

Coinbase stock (COIN), meanwhile, gained 6.3%. Those gains may in part be attributed to a filing deadline in the company’s own legal case with the SEC or other broader developments concerning the crypto exchange. However, it should be noted that Coinbase is expected to take part in surveillance-sharing agreements for various planned ETFs, including BlackRock’s but excluding Grayscale’s proposed fund.

ETF approval is far from guaranteed

Recent spot Bitcoin ETFs are largely seen as promising due to Grayscale’s court victory, BlackRock’s pursuit of its own fund, and Coinbase’s potential role in some ETFs.

However, despite that general optimism, the SEC has not approved any such fund to date, and there are causes for doubt. First, the above filing concerning Grayscale compels the SEC to review, but not necessarily approve, the company’s proposal.

Elsewhere, reports of apparent progress on BlackRock’s ETF appear to be premature. The ticker for BlackRock’s planned ETF recently appeared on the Depository Trust & Clearing Corporation’s (DTCC) website. Though that seemed to mark a step forward for the fund, the ticker later disappeared from listings.

One former SEC attorney — though no longer involved in the agency — has also suggested to Bloomberg that approval of a spot Bitcoin ETF is not a given.

The post Grayscale ETF ruling comes into effect; Bitcoin experiences 7.6% daily gains appeared first on CryptoSlate.

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bitcoin etf grayscale gains fund spot multiple

Источник: cryptoslate.com

bitcoin etf → Результатов: 126


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Global asset management company and the world’s largest Bitcoin ETF provider, Grayscale, has recorded new inflows into its Spot Bitcoin ETF, Grayscale Bitcoin Trust (GBTC). This development marks a significant milestone for the popular Bitcoin ETF provider, which has consistently experienced millions of dollars in outflows daily.

2024-5-8 12:00


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VanEck lead charge as Australia prepares for Bitcoin ETF launch

Australia is poised to join the global trend of countries, including the US and Hong Kong, allowing their citizens to invest in Bitcoin exchange-traded funds (ETFs). ASX to approve Bitcoin ETFs Earlier today, Bloomberg reported that the Australian Securities Exchange (ASX) could approve its inaugural batch of spot Bitcoin ETF before the end of the […] The post VanEck lead charge as Australia prepares for Bitcoin ETF launch appeared first on CryptoSlate.

2024-4-29 15:10


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The Bitcoin ETF market has entered a new phase of intense competition as asset managers and issuers strive to attract clients and expand their assets under management (AUM).  Amid this fee war, digital asset manager Grayscale Investments has announced its consideration of a spin-off for its spot Bitcoin exchange-traded fund (ETF), the Grayscale Bitcoin Trust […]

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The demand for spot Bitcoin exchange-traded funds (ETFs) has surged since their recent approval on January 10, with BlackRock’s IBIT Bitcoin ETF leading the way. This ETF has reached impressive milestones in less than two months, attracting significant investor interest and opening doors for various market participants to invest in the largest cryptocurrency directly.

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Will Bitcoin Hit $50,000 Today? Traders Await ETF Decisions as Bitcoin Minetrix Hits Key Presale Milestone

The crypto industry remains poised in anticipation of the approval of the first spot Bitcoin exchange-traded fund (ETF) in the United States. Today, January 10th, is the final deadline for the US Securities and Exchange Commission (SEC) to approve Bitcoin ETF applications, and the whole market is on edge waiting for the decision.

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