HomeNewsGrayscale Bitcoin Trust Surges to New Annual Peak amid Mounting Expectations of...

Grayscale Bitcoin Trust Surges to New Annual Peak amid Mounting Expectations of Approval, Aligned with Optimistic Projections from Bloomberg Lawyer and BlackRock

- Advertisement -
  • The Grayscale Bitcoin Trust (GBTC) may soon secure the approval for its spot Bitcoin Exchange-Traded Fund (ETF) application from the U.S. Securities and Exchange Commission (SEC).
  • Bloomberg’s senior litigation analyst, Elliott Z. Stein, anticipates a 70% chance for Grayscale winning its lawsuit against the SEC, thus forcing the SEC to approve the ETF application.

The crypto market has recently seen an increasing interest from major industry players in Bitcoin ETFs. At the forefront of this shift is the Grayscale Bitcoin Trust (GBTC), whose trading volume has notably risen. This surge comes amid a growing anticipation that the U.S. Securities and Exchange Commission (SEC) may soon be forced to sanction the Grayscale Bitcoin ETF application.

In an intriguing turn of events, Grayscale’s dispute with the SEC over the refusal of its spot Bitcoin ETF application has garnered significant attention. The recent court hearing saw the judges question the SEC’s motives, providing a considerable boost to the crypto market.

- Advertisement -

Rewinding to March 2023, Grayscale contested in court that the SEC had contradicted its earlier decisions related to the approval of the GBTC spot Bitcoin ETF. This contention put the SEC representatives under intense scrutiny by the judges, leading to a grilling session over the agency’s logic to dismiss the request. In light of these events, Bloomberg legal analysts suggest that Grayscale may have achieved a crucial advantage in the legal proceedings, thereby challenging the SEC’s stance.

The air of anticipation thickens as the industry awaits the verdict. According to Elliott Z. Stein, a senior litigation analyst at Bloomberg Intelligence, Grayscale has a 70% likelihood of winning the lawsuit against the SEC. Stein predicts that the SEC will approve the ETF application before the court ruling, expected in August 2023. This timeframe coincides with the pending ETF approval decision for Ark Investment Management.

>> Buy Bitcoin quickly and securely with PayPal, credit card or bank transfer at eToro with low fees and deposit protection. Get started with BTC now. Visit Website <<

- Advertisement -

Grayscale didn’t miss a beat in challenging the SEC’s decision as they promptly filed a lawsuit after their application was rejected in June 2023. Stein further observed that the line of questioning during oral arguments appeared to tilt in Grayscale’s favor, increasing the odds from 40%. This observation suggests that the SEC, under Chair Gary Gensler, might be preparing for a potential setback.

Stein rationalized that the SEC might render the judgment insignificant by sanctioning a spot Bitcoin ETF application before the court decision. This move, if it materializes, could simplify the ETF filing process for other major entities such as Blackrock and Fidelity. As the crypto market keenly watches the developments, the imminent approval of Grayscale’s Bitcoin ETF application could indeed be a game-changer, adding a new chapter in the story of crypto adoption.


Best Crypto Exchange for Everyone:

  • Invest in Bitcoin (BTC) and 70+ cryptocurrencies and 3,000+ other assets.
  • 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
  • Copy top-performing traders in real time, automatically.
  • Regulated by financial authorities including FAC and FINRA.

2.8 Million Users

Get Started


- Advertisement -
ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
- Advertisment -spot_img