JP Morgan Analysts Predict Multiple Bitcoin ETFs After Grayscale’s Court Victory
You may be interested to know that JP Morgan analysts, led by Nikolaos Panigirtzoglou, believe that Grayscale’s recent court victory against the SEC could lead to the approval of several Bitcoin exchange-traded funds (ETFs). According to their note, the SEC may reconsider approving a futures-based Bitcoin ETF to prevent Grayscale Bitcoin Trust (GBTC) from converting into a spot ETF. However, the analysts consider this scenario unlikely due to disruptiveness and potential embarrassment for the SEC.
“[The delays applied to Bitcoin ETF decisions] likely points to approval of multiple spot bitcoin ETF applications at once rather than granting a first-mover advantage to any single applicant.”
JP Morgan note
The analysts also mention that the approval of Bitcoin spot ETFs might not significantly impact Bitcoin or the overall crypto market. They note that similar spot Bitcoin ETFs in Canada and Europe haven’t attracted significant investor attention.
Grayscale, the manager of the world’s largest bitcoin fund, has been in a legal battle with the SEC over its request to convert its investment vehicle into an ETF. Grayscale recently achieved a significant victory when a federal panel overturned the SEC’s denial, allowing them to proceed with a Bitcoin spot ETF. This decision positively affected the crypto market, causing BTC and other crypto prices to rise.
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