Crypto News: Grayscale Bitcoin Spot ETF Begins Trading on NYSE
The Securities and Exchange Commission (SEC) of the USA has officially approved the trading of Bitcoin spot ETFs, and one of the most prominent funds is the Exchange-Traded Fund issued by Grayscale Investments. Just recently, the first pre-market trades of Grayscale’s Bitcoin ETF were recorded on the NYSE stock exchange.
Crypto News: Grayscale Investments Emerges as a Key Player
Grayscale Investments has played a significant role in the approval of Bitcoin spot ETFs, thanks to its successful legal battle against the SEC last August. The US Court of Appeals ruled that the SEC’s refusal of Grayscale’s request to issue its exchange-traded fund on BTC was “arbitrary and capricious.” This victory paved the way for other companies to make the necessary modifications to their applications to meet SEC requirements.
Brad Garlinghouse Shares Thoughts on ETF Approval
CEO of Ripple, Brad Garlinghouse, who also emerged victorious in a battle against the SEC ruling that XRP is not a security, commented on this development. He emphasized that this approval further legitimizes cryptocurrency as an asset class and expects it to be a catalyst for institutional investment and adoption.
Latest Moves Before Approval
Prior to the official approval of Bitcoin spot ETFs, Grayscale witnessed a decrease in the discount of its Grayscale Bitcoin Trust. The GBTC discount reached its lowest level in 18 months, indicating increasing expectations for ETF approval and a positive sentiment towards Bitcoin. Additionally, Grayscale revised its strategy by reducing management fees from 2% to 1.5% to make its Bitcoin spot ETF more competitive.
Hot Take: Grayscale Bitcoin Spot ETF Marks a Milestone for Crypto
The start of trading for Grayscale’s Bitcoin spot ETF on the NYSE is a significant milestone for the crypto market. The official approval of Bitcoin spot ETFs by the SEC demonstrates growing acceptance and recognition of cryptocurrencies as legitimate investment assets. This development is expected to attract institutional investors and drive further adoption of cryptocurrencies beyond speculative use cases. With Grayscale Investments at the forefront, the crypto industry is poised to make strides towards mainstream integration and solidify its position in the financial landscape.
By
By
By
By
By
By