The crypto ETF space is buzzing with excitement after BlackRock filed for a spot Bitcoin fund, igniting a battle with the Securities and Exchange Commission (SEC). Grayscale, which has been locked in a legal dispute with the SEC over its own fund, may now have a better chance of winning its case with BlackRock’s filing. Industry experts predict that Grayscale has a 70% chance of winning its lawsuit against the SEC, while BlackRock has a 50% chance of getting its BTC ETF application approved. The SEC and its chair Gary Gensler may be preparing for a loss and could approve a spot Bitcoin ETF to save face. Grayscale has argued against the SEC’s rejection of its fund, claiming that the arguments for rejection were illogical. The SEC has yet to approve a spot-based fund in the US and favors futures-based funds. Grayscale’s GBTC discount has been diminishing as confidence and investment return to the space. Currently, GBTC is trading at a discount of -29.8%.
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