Grayscale CEO Michael Sonnenshein took to X (Twitter) Monday morning to say “it has been a ten yr costume rehearsal. we’re prepared for the principle occasion,” forward of seemingly imminent approval for the conversion of its flagship fund right into a spot Bitcoin ETF.
On June 29, 2022, Grayscale filed a lawsuit in opposition to the SEC for denying its spot Bitcoin ETF conversion. Since then, Grayscale gained its lawsuit in opposition to the SEC, with the regulator then deciding to not enchantment the court docket choice after. Ten days later, the US Court docket of Appeals issued a mandate that the SEC should re-review Grayscale’s spot Bitcoin ETF software.
Approval of a spot ETF by the SEC seems virtually sure, with Grayscale’s chief authorized officer just lately saying {that a} spot Bitcoin ETF approval is “a matter of when, not a matter of if anymore.” JPMorgan additionally commented again in September, saying that the SEC will doubtless be compelled to approve spot Bitcoin ETFs, following Grayscale’s victory in court docket.
Final week, it was highlighted by Bloomberg ETF analyst James Seyffart {that a} transient window of alternative for the SEC to approve all 12 spot Bitcoin ETF filings, together with Grayscale’s GBTC conversion. This window opened up final Thursday and can stay open for a minimum of eight days, with this being the final probability of approval for a spot Bitcoin ETF within the US in 2023.
Whereas it is doable the batch of spot Bitcoin ETFs get authorised this week, it’s seemingly unlikely. “If we’re certainly going to see Bitcoin ETF approvals for this wave, I believe it is extra more likely to occur nearer to January than this present window,” mentioned Seyffart.
Bitcoin is up 122% yr to this point, on the time of writing, on the hypothesis of the primary spot ETF approval in america, along with the upcoming halving in 2024.
