It is therefore expected that the US SEC will review Grayscale’s application to convert its GBTC into a spot Bitcoin ETF without prejudice.
As Bitcoin (B T c) The price has crossed a key resistance zone between $31k and $32k in the last 24 hours, according to the United States Securities and Exchange Commission (seconds) has begun preparations for a second review of the application by Grayscale Investments to convert its Grayscale Bitcoin Trust (GBTC) into a spot exchange-traded fund (ETF). On October 23, the United States Court of Appeals for the District of Columbia Circuit officially closed the case between Grayscale and the SEC, paving the way for a new review process that could lead to imminent approval. Furthermore, as can be seen from the remarkable preparation of the fund managers, the US SEC may have already exhausted its reasoning for refusing to grant positions in a Bitcoin ETF.
Specifically, Grayscale is trying to convert $17 billion of its GBTC into a spot Bitcoin ETF in an effort to attract more institutional investors looking to take advantage of the digital asset in a regulated and liquid market. However, some market analysts have warned that Bitcoin prices could fall further as more institutional investors look for more ways to liquidate their Bitcoin holdings in the secondary market. Nevertheless, more investors are expected to enter the digital asset industry as there is always a willing buyer and a willing seller in the Bitcoin market.
“The Grayscale team looks forward to continuing to work constructively with the SEC to transition GBTC to an ETF. GBTC is ready for operations, and we intend to move forward as quickly as possible on behalf of our investors,” Grayscale spokeswoman Jennifer Rosenthal. Said In a statement following the conclusion of the case on Monday.
Bitcoin ETF mania and the Grayscale vs. SEC case
Since the beginning of the crypto bear market in late 2021, Grayscale Investments and its parent company Digital Currency Group FTX and Alameda Research have been embroiled in a number of controversial matters due to the explosion. However, the August 29 decision on Grayscale v. SEC has significantly boosted future growth prospects for the digital asset-focused company amid the mainstream adoption of blockchain technology and crypto assets.
Additionally, the United States SEC did not appeal the decision, raising the possibility of a spot Bitcoin ETF in the next few months. moreover, blackrock inc (NYSE:BLK) is making strategic investments in Bitcoin-related firms such as MicroStrategy Inc (NASDAQ:MSTR) and mining companies.
Bitcoin spot ETF mania has largely rejuvenated the crypto bullish outlook as FOMO traders speculate on potential approval. Furthermore, experts believe that billions of dollars will flow into the Bitcoin and crypto market in the next months after the SEC approves the ETF. However, some experts have warned that Bitcoin will be weaponized in global geopolitics just like the US dollar following the approval of the ETF.

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