With the US SEC opting not to appeal the Grayscale Investments case, amid ongoing application amendments, experts believe the approval of spot Bitcoin ETF is a matter of when and not if.
CME’s rise to prominence is often viewed as a sign of an institutional-led rally in the cryptocurrency market.
In anticipation of this pivotal event, there has been a substantial uptick in trading volume for products launched by ProShares and Grayscale.
The Bitcoin network has set a new historic mining hashrate record as the market prepares for next year’s halving.
The recent uptick in amendments to filings awaiting SEC approval could be a sign of progress in negotiations between asset managers and regulators.
While the prospect of a Bitcoin ETF is undoubtedly exciting, it is essential to acknowledge the potential challenges and roadblocks that may surface.
Hashdex’s proposed ETF stands out from existing cryptocurrency-related ETFs due to its unique approach, which is the purchase of physical Bitcoin.
It is worth noting that the SEC’s action come only days after BlackRock unveiled its ticker symbol (IBTC) in anticipation of the approval of its spot Bitcoin Exchange Traded Fund (ETF).
A DTCC spokesperson confirmed that the IBTC ticker for the BlackRock iShares Bitcoin ETF has appeared since August through a unique ID code called CUSIP.
BlackRock has taken an important step forward by obtaining a CUSIP number for its iShares Bitcoin spot ETF.
Bitcoin (BTC) has established strong support between $25,000 and $30,000. Take a look at the next key resistance.
Matrixport says BTC price may even hit the $56,000 mark by the end of the year.
BlackRock’s iShares Bitcoin Trust gets listed on the Depository Trust & Clearing Corporation (DTCC), however, analyst predict all approvals to happen at once.
Initially submitted on October 2, 2023, the proposal aims to convert the Grayscale Ethereum Trust, the largest Ethereum investment vehicle globally, into an ETF.
The US SEC is therefore expected to review Grayscale’s application to convert its GBTC to a spot Bitcoin ETF without prejudice.