Reportedly the Grayscale team is ready with its plan to launch the Bitcoin spot ETF, only waiting for approval from the US financial regulator SEC.
Grayscale is a popular digital assets fund manager firm, a subsidiary of the Digital Currency Group (DCG). Since Dec 2021, this firm has been waiting to secure regulatory approval from the United States Securities and Exchange Commission (SEC) to convert its popular Bitcoin investment product Green Bitcoin (GBTC) to Bitcoin spot ETF to provide more protection to the GBTC Investors but the US SEC rejected its application.
Just a day ago, the Grayscale firm stated that its team is ready with all proper preparation to launch the Bitcoin spot ETF because its application is very near to securing regulatory approval from the SEC.
As we know, Grayscale sued the SEC body because the SEC agency revoked Grayscale’s Bitcoin spot ETF application blindly. On 29 Aug the court ruled in favour of Grayscale and 45 days have been completed.
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As per Grayscale, soon a court judges panel will rule out an order to the SEC & will offer only a 7-day of time frame for the to approve its application.
NEW: Statement from @Grayscale on the @SECGov’s decision to not seek a rehearing:
“The Federal Rules of Appellate Procedure’s 45-day period to seek rehearing has now passed. The Court will now issue its final mandate within seven calendar days. The Grayscale team remains…
— Eleanor Terrett (@EleanorTerrett) October 15, 2023
So here we can say that Grayscale is ready to launch its Bitcoin spot ETF product in the next 5 days, if the SEC body gives a green signal which is still uncertain.
However, all the metrics show that Grayscale is standing in this matter perfectly, and there is a nearly 100% chance that Grayscale will secure regulatory approval to launch its product but some people claim that the SEC body has been a very big crypto hater regulatory body & it will surely object against a self-created mistake in Grayscale’s application.
Now here it will be interesting to see whether top-ranked fund manager firm BlackRock will be the first to launch its Bitcoin spot ETF product or it will be Grayscale.
However, people are expecting that they will see the first bitcoin spot ETF before the end of this year but Bloomberg ETF experts shared their opinion & claimed that the first bitcoin spot ETF will enter the market by Jan of 2024 & there is only a 90% chance to happen.
Read also: Bitcoin dominance has hit an all-time high over the last 2.5 years, is it a sign of next bull run?
Grayscale expects approval for its Bitcoin spot ETF in within 5 days
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https://bitcoinik.com/grayscale-expects-approval-for-its-bitcoin-spot-etf-in-within-5-days/feed/
