Bitcoin ETFs Win SEC Approval, Bringing Easier Access to Biggest Cryptocurrency
The asset management industry has tried launching a spot bitcoin ETF for over a decade. Hopes are high they will lure more investors into crypto.
The asset management industry has tried launching a spot bitcoin ETF for over a decade. Hopes are high they will lure more investors into crypto.
The Grayscale Bitcoin Trust’s (GBTC) $27 billion of bitcoin and $350 million of daily volume gives Grayscale an advantage versus BlackRock and other wannabe rivals, according to Bloomberg’s Eric Balchunas.
Goldman Sachs is in talks to play the key role of being an “authorized participant” for BlackRock and Grayscale’s bitcoin ETFs, if the SEC approves them, according to people familiar with the situation.
The changes involve the fee structure, and how assets can be custodied for smoother share creation and redemptions.
This is the first time since July 2021 that the fund has traded at a discount in single digits.
Representatives of the company are answering questions from two divisions of the U.S. Securities and Exchange Commission in the wake of Grayscale’s court win over the agency.
Five benchmarks will track the performance of different categories of crypto assets.
Grayscale’s application to convert its GBTC to a spot ETF will now be re-considered by the SEC.
Approval is likely before Jan. 10, which is the final deadline for the Ark 21Shares applications, the report said.
The court that ordered the SEC to scrap its rejection of Grayscale’s spot bitcoin ETF application will set that ruling in stone by Monday.