Record Number of Regulatory Filings Mention Bitcoin in November
With the anticipation surrounding the potential approval of the first-ever spot Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC), there has been a significant increase in regulatory filings that mention Bitcoin.
In November, companies submitted a total of 1,074 documents that mentioned the decentralized finance (DeFi) asset. This represents the highest number of filings in a single month, marking a 35.1% increase from November 2022, according to data shared by The Block on December 5.
This figure is also 32.6% higher than the previous record set in May 2023, and it reflects a 100% month-over-month increase from October 2023 when there were 527 regulatory filings mentioning Bitcoin.
Grayscale Bitcoin Trust and Regulatory Filings
A significant portion of these filings, about 40, came from Grayscale Bitcoin Trust (GBTC). Many of them were free writing prospectus’ (FWPs), potentially related to public statements made by Grayscale executives ahead of a possible GBTC conversion. This demonstrates that the world’s largest cryptocurrency is appearing more frequently in regulatory filings.
Grayscale’s Victory Against the SEC
It is worth noting that Grayscale successfully won its case against the SEC regarding its request to convert GBTC into a spot Bitcoin ETF. The US Federal Court ruled favorably on Grayscale’s petition, stating that the SEC must review their request. This ruling caused the price of Bitcoin to surge from its consolidation zone between $25,800 and $26,200.
Bitcoin’s Price Performance
Since the court ruling, Bitcoin’s price has been steadily increasing. It is currently trading at $43,205, representing a 14.59% gain over the week, a 23.73% gain over the month, and a remarkable 65% increase since the ruling.
Hot Take: Growing Interest in Bitcoin ETF Drives Regulatory Filings
The growing interest in the potential approval of a spot Bitcoin ETF by the SEC has led to a surge in regulatory filings mentioning Bitcoin. Companies are recognizing the significance of this development and are actively submitting documents related to decentralized finance assets. With Grayscale’s victory against the SEC and the subsequent price rally, it is evident that the crypto market is closely monitoring the progress of the Bitcoin ETF. As we await further updates from the SEC, it remains to be seen how these regulatory filings will impact the future of Bitcoin and the overall cryptocurrency industry.
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