Grayscale Files Updated Form to Convert GBTC into Bitcoin ETF
Grayscale Investments has submitted an updated S-3 Form to the SEC, seeking approval to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF. This is the third amendment filed by Grayscale for the GBTC conversion. The filing confirms a shift towards cash-create subscriptions, but does not disclose the Authorized Participants (APs) or the fee. The SEC requires issuers to disclose these details before listing and trading ETFs.
BlackRock Names APs for Its Bitcoin ETF
BlackRock has filed an updated S-1 application with AP disclosures for its spot Bitcoin ETF. The asset manager has named Jane Street and JPMorgan as its APs. These APs will act as underwriters, ensuring payment and redemptions if the fund’s returns are lackluster. However, S-1 filing reviews may delay an SEC decision on spot Bitcoin ETFs until January 10.
Prediction Platforms and Sentiment on Bitcoin ETF Approval
Traders are speculating on the approval timeline for Bitcoin ETFs on platforms like Polymarket. Around 90% of bettors believe a decision will be made by January 15, with nearly half a million dollars locked in contracts. While many believe a Bitcoin ETF is inevitable, debates continue about its impact on the crypto market. VanEck claims approvals won’t affect prices, while BitMEX expects significant inflows into BTC with an SEC greenlight.
Hot Take: Potential Impact of Bitcoin ETF Approval
The ongoing efforts by Grayscale and other firms to launch a Bitcoin ETF reflect the growing demand for regulated crypto investment products. If approved, a Bitcoin ETF could bring more institutional investors into the crypto market, leading to increased liquidity and potentially driving up the price of Bitcoin. However, there are concerns about the impact on the overall market, with some arguing that an ETF could lead to speculative trading and increased volatility. The SEC’s decision on Bitcoin ETFs will be closely watched by both crypto enthusiasts and traditional investors looking for exposure to digital assets.
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