The Coming of a Bitcoin ETF: A Matter of When, Not If
CEO of Galaxy Digital, Mike Novogratz, believes that the approval of a spot Bitcoin (BTC) Exchange Traded Fund (ETF) is inevitable. This sentiment aligns with the ongoing legal battle between Grayscale and the United States Securities and Exchange Commission (SEC) over the conversion of the Grayscale Bitcoin Trust (GBTC) into a physically backed ETF.
Key Points:
- Grayscale challenged the SEC’s rejection of its GBTC spot Bitcoin ETF application.
- Analysts predict a 70% chance of Grayscale winning the lawsuit.
- The DC Court of Appeals delayed the decision in the Grayscale vs. SEC case.
- The judge ruled in favor of Grayscale, stating that the SEC did not provide sufficient reasons for rejection.
- Top investment managers like BlackRock and Fidelity participating in the Bitcoin ETF race may expedite approval.
What the Win Means:
The court’s ruling does not guarantee an immediate Bitcoin ETF approval. However, it does serve as a positive signal for the future approval of a spot Bitcoin ETF. The involvement of major investment managers in the race further supports the likelihood of an ETF approval in the near future.
Hot Take:
The legal victory for Grayscale in its battle against the SEC increases the optimism surrounding the eventual approval of a spot Bitcoin ETF. With industry experts and major players voicing confidence in its inevitability, the arrival of a Bitcoin ETF seems to be only a matter of time.
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