Grayscale Investments CEO Michael Sonnenshein recently described the US appeals court’s decision to overturn the Securities and Exchange Commission’s (SEC) block of his firm’s proposed spot Bitcoin exchange-traded fund (ETF) as a “huge win” for the digital-assets industry. This ruling has rekindled hopes for the launch of the first US ETF that would invest directly in Bitcoin. However, Sonnenshein expressed uncertainty regarding the next steps for Grayscale, as the court will issue a final mandate.

The crypto asset-manager’s recent legal victory is seen as a pivotal moment for the industry. Grayscale has long argued that converting its Bitcoin trust, GBTC, could unlock billions in value for its holders. Despite the optimism, Sonnenshein cautioned that the path forward is not entirely clear.

The market’s reaction was swift. Shares of GBTC surged 17% on Tuesday, outperforming Bitcoin’s 6% gain. However, GBTC’s shares dipped by over 4% on Wednesday, with its discount to its underlying holdings at approximately 18%.

Many are keenly observing how the SEC will respond to the six spot Bitcoin ETFs, with decisions due shortly. Notable filers include industry giants like Bitwise, BlackRock, Fidelity, and Invesco. Bloomberg senior ETF analysts, Eric Balchunas and James Seyffart, have now raised the likelihood of a Bitcoin spot ETF to 75% for this year and 95% by the end of 2024.

At press time, BTC traded at $27,280.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	North America
Countries
Sentiment	positive
Relevance Score	8
People	James Seyffart, Eric Balchunas, Michael Sonnenshein
Companies	Bloomberg Intelligence, BlackRock, Invesco, Bitwise, Securities and Exchange Commission, Fidelity, Bloomberg Markets, Grayscale Investments
Currencies	Ethereum, Bitcoin
Securities	None