Grayscale Wins Case Against SEC. It's a Huge Victory for Bitcoin and Coinbase
This article from Barron’s may be of interest. Here is a section:
GBTC had been trading at a significant discount to the value of the Bitcoin it holds. That gap is likely to close as traders anticipate an ETF approval.
The judges' decision won't allow GBTC to convert into an ETF automatically. The federal government can appeal the decision to the Supreme Court or the SEC could attempt to deny the application to convert to an ETF for another reason.
Still, the decision makes it an uphill battle for the SEC to keep spot Bitcoin ETFs from coming to market. In addition to Grayscale, BlackRock (BLK), Fidelity and other companies have also applied to launch a spot Bitcoin ETF.
The SEC is expected to give a ruling on the applications for spot priced ETFs before the Labor Day holiday which is this weekend. It is unclear whether today’s announcement will influence that decision, but the odds are improving that the SEC’s reluctance to grant permission for spot price ETFs will eventually be overcome.
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