In a recent meeting with the SEC, Grayscale executives discussed a potential rule change to transform the Grayscale Bitcoin Trust into a spot Bitcoin ETF. Grayscale’s partnership with BNY Mellon, aimed at assisting with share issuance and account management, was also disclosed. However, this does not guarantee immediate transformation of GBTC. The proposal, now termed ‘uplisting’, could see Grayscale controlling $20 billion in assets, thus dominating the ETF landscape. Despite competition from g
The crypto community eagerly awaits the US approval of Spot Bitcoin ETFs, anticipating it could launch a bullish Bitcoin surge. However, noted economist Peter Schiff counters this optimism, projecting a Bitcoin crash ahead of the SEC’s approval of spot Bitcoin ETFs. He recently used a social media survey to predict when the next Bitcoin downturn might occur. Despite most of his followers thinking the crash will happen post-ETF approval, Schiff asserts it will take place beforehand.
While a dozen asset managers have applied for a spot Bitcoin ETF with the SEC and the initial approval window is set to open on November 8, analysts forecast that even with approval, the real launch might see a month’s delay due to the ETF’s two-tier launch process. This involves obtaining SEC clearance from the Trading and Markets division and the Corporate Finance division. Despite nine of the twelve Bitcoin ETF applications having presented revised prospectuses, any SEC approval of the 19b-4