The discount on Grayscale Bitcoin Trust (GBTC) has reached its lowest point this year, currently standing at 16.58% as of October 12th. This narrowing discount is closely linked to the impending deadline for the U.S. Securities and Exchange Commission (SEC) to file an appeal against its previous loss to the asset management firm. In August, a U.S. court ordered the SEC to review Grayscale’s application to convert its BTC trust into a spot exchange-traded fund (ETF). Market observers speculate that the SEC will not contest the court’s directive and that spot-Bitcoin ETFs will gain momentum. Bloomberg’s Senior ETF analyst believes an appeal is unlikely, but there is always a chance of something else happening. While the SEC may not appeal Grayscale’s victory, it might delay its approval for the firm’s ETF application for months. This delay tactic could be part of the SEC’s plan to allow other spot-Bitcoin ETF providers to launch together.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Eric Balchunas, Nate Geraci, Matt Klein |
| Companies | Eric Balchunas, Ark, ETFStore, Grayscale Bitcoin Trust, U.S. Securities and Exchange Commission (SEC), Coinglass, Nascent, Blackrock, BlackRock, Bloomberg |
| Currencies | Bitcoin |
| Securities | None |
