Grayscale Bitcoin Spot ETF Verdict This Week?
- The D.C. Circuit Court of Appeals is expected to deliver a verdict on Grayscale Investments’ lawsuit against the SEC this week.
- The lawsuit concerns Grayscale’s attempt to convert its Bitcoin trust into a spot Bitcoin ETF.
- Bloomberg analyst James Seyffart predicts a decision on August 15.
- Finance attorney Scott Johnsson notes that most cases are resolved within 160 days of oral arguments, which took place in March.
- Eric Balchunas, a senior ETF analyst, suggests that the decision could come out at 11:00 am EST.
Tuesday Or Friday?
- There are two key days to watch for the Grayscale decision: Tuesday and Friday.
- Balchunas believes the decision could be announced at 11:00 am on either day.
- Grayscale’s lawsuit stems from the SEC’s rejection of its application to convert its GBTC into a spot Bitcoin ETF.
- Grayscale argues that the SEC acted arbitrarily and inconsistently.
- Bloomberg commentators express optimism about Grayscale’s chances of winning the lawsuit.
Hot Take
The verdict on Grayscale’s lawsuit against the SEC could have significant implications for the Bitcoin and crypto industry. If successful, it could pave the way for more Bitcoin ETFs and further mainstream adoption of cryptocurrencies. The timing of the decision, with potential release dates on Tuesday or Friday, adds to the anticipation. Crypto investors and enthusiasts should closely monitor the outcome as it could impact market sentiment and future investment opportunities.
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