The U.S. Court of Appeals officially утвердил the ruling that the SEC must reconsider Grayscale Investments’ application to convert GBTC into a spot ETF based on the first cryptocurrency.
In June, the asset-management company filed a lawsuit against the regulator over the regulator’s refusal to convert their flagship trust. The firm submitted the application as early as October 2021.
At the end of August, the court granted Grayscale’s motion and ordered the Commission to reconsider the decision.
The new document repeats the appellate court’s decision. In the ruling, the asset manager demonstrated that the proposed spot ETF is substantially similar to already approved Bitcoin futures ETFs.
Earlier, the SEC did not intend to appeal the court’s decision in the Grayscale case.
The firm will list GBTC on NYSE Arca. After the S-3 registration statement is approved and the separate 19b-4 filing, the company will begin to issue the product on a continuing basis.
In July, the SEC began reviewing requests to launch spot Bitcoin ETFs from BlackRock, VanEck, Invesco, Fidelity Investments and WisdomTree. Later, Franklin Templeton joined them.
On August 31, the regulator delayed decisions on several applications at least until mid-October. By the end of September, the regulator pushed back the review of the Bitcoin ETF to January 2024.
Earlier, JPMorgan doubted that the launch of investment products would change the game for the crypto market given the relatively low interest in jurisdictions where they are allowed.
In October, Matrixport analysts forecast the growth of digital gold upon approval of a Bitcoin ETF to $42 000-56 000. CryptoQuant obtained figures at $50 000-73 000.