Grayscale Investments CEO Michael Sonnenshein hails the US appeals court’s decision to overturn the SEC’s block of his firm’s proposed spot Bitcoin ETF as a “huge win.”
– Sonnenshein expresses uncertainty about the next steps for Grayscale and mentions the 45-day window for an en banc hearing.
– The ruling is seen as a pivotal moment for the industry and could unlock billions in value for Grayscale’s Bitcoin trust, GBTC.
– Sonnenshein believes there should be no further grounds for the SEC to deny similar products from coming to market.
– Shares of GBTC surge but then dip, indicating some skepticism in the market.
– The ruling’s broader implications include watching how the SEC responds to other spot Bitcoin ETFs.
Grayscale’s legal victory increases the likelihood of a Bitcoin spot ETF, according to Bloomberg analysts.
– Bloomberg analysts now raise the likelihood of a Bitcoin spot ETF to 75% for this year and 95% by the end of 2024.
– The SEC’s handling of the batch of six spot Bitcoin ETFs, including filings from Bitwise, BlackRock, Fidelity, and Invesco, is eagerly awaited.
– Past SEC delays and denials have been based on grounds that the court just shot down, leaving uncertainty about the SEC’s reasoning now.
Grayscale’s ruling sets the stage for the future of Bitcoin spot ETFs in the US.
– The industry awaits to see how this landmark ruling will shape the future of Bitcoin spot ETFs in the US.
– The market is interested in the SEC’s rationale for any potential delays in approving spot Bitcoin ETFs.
– Sonnenshein sees the ruling as a culmination of over a year’s worth of litigation and a win for Grayscale, its investors, and the crypto and investment communities.
– Bloomberg analysts emphasize that the ruling leaves the SEC with very little wiggle room.
Hot Take: Grayscale’s legal victory paves the way for the launch of the first US Bitcoin spot ETF.
The recent ruling by the US appeals court overturning the SEC’s block of Grayscale’s proposed spot Bitcoin ETF is seen as a significant win for the digital-assets industry. While there is still uncertainty about the next steps and the SEC’s response to other spot Bitcoin ETFs, the ruling has increased the likelihood of a Bitcoin spot ETF being launched. This ruling is a culmination of more than a year’s worth of litigation and marks a major milestone for Grayscale and the crypto space. With the market eagerly awaiting the SEC’s decision on other spot Bitcoin ETFs, the future of Bitcoin spot ETFs in the US is looking more promising.
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