Grayscale Meets with SEC to Discuss Bitcoin ETF Application
Grayscale recently held a meeting with the SEC to discuss potential rule changes for their spot Bitcoin ETF application. According to leaked information, Grayscale is advocating for in-kind and cash transactions for their ETF. In-kind transactions involve creating or redeeming ETF shares by exchanging securities rather than cash, which helps manage the ETF’s portfolio effectively and minimizes tax impact on investors. Grayscale also proposed that only authorized participants registered with FINRA should be able to create and redeem Bitcoin ETP shares.
Bitcoin ETF Advertisement War Heats Up
The excitement surrounding ETFs continues to grow, with Hashdex and Bitwise engaging in an advertisement war. Hashdex recently released an ad promoting their upcoming crypto-ETFs, becoming the second firm to do so after Bitwise featured actor Jonathan Goldsmith in their campaign. After Hashdex’s ad, Bitwise responded with another advertisement. These frequent meetings between Grayscale and Blackrock, along with the positive advertisements, indicate that ETF approvals may be imminent. Experts predict that the SEC will approve several applications in January.
Hot Take: Crypto ETFs on the Horizon
The recent developments in the crypto space suggest that Bitcoin ETFs are on the horizon. Grayscale’s meeting with the SEC and the ongoing advertisement war between Hashdex and Bitwise indicate that there is significant interest and momentum building for these investment vehicles. While regulatory approval is still pending, many experts believe that the SEC will give its nod to multiple applications early next year. If approved, Bitcoin ETFs could bring more accessibility and mainstream adoption to cryptocurrencies, opening up new investment opportunities for individuals and institutions alike.
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