The certification of every Bitcoin financial product reinforces the case regarding why the US market warrants a Bitcoin ETF. Grayscale, an online asset manager, receives strong public support for its proposal to operate a spot Bitcoin exchange product.
Grayscale states in a Monday message to shareholders that as of June 9, “99.96 % of those pronouncements were cooperative of Grayscale’s case. This is of the more than 11,400 letters that the U.S Securities and Exchange Commission is receiving. This is regarding its planned Bitcoin investment scheme.
As per Grayscale, they are questioning over 33% of the letters regarding the unavailability of a spot BTC ETF in the U. S. This is in conidiation that the SEC previously allow investment vehicles that relate to Bitcoin futures, such as ProShares and Valkyrie.
According to Grayscale CEO Michael Sonnenshein, the SEC’s behavior over the last eight months indicates an increasing acknowledgment of the plat. Thus, they are comfortable with the maturity of the underpinning Bitcoin market. The authorization of each Bitcoin financial product enhances their case for why the US market requires a Bitcoin ETF.
Grayscale’s proposal will transform shares of its Bitcoin Trust into a physically-backed product. This is what the regulatory authority are already reviewing. If the will grant them, then they will be the first spot BTC ETF offering in the United States. The proposal is reaching the end of a 240-day evaluation period. This happens in November 2021 and will conclude on July 6.
Upgrading Bitcoin Trust to an ETF
Grayscale’s effort to solicit public opinions with the SEC has been continuing since February. Hence, many industry analysts believe the regulatory authority would be reluctant to approve such an offering. The SEC previously denies an identical request from NYDIG and Global X, as well as One River Digital in May. Whenever they will ask when will the SEC would authorize a spot Bitcoin ETF, SEC head Gary Gensler frequently alters the interviews. Hence, he then declares in February that he would give the topic thoughtful consideration.
As a result, the possibilities of GBTC becoming an ETF next week are 0.5%, as per Bloomberg ETF expert Eric Balchunas. The New York Jets has almost the same chances of reaching the game. It’s uncertain what Grayscale will do if the SEC rejects its proposal next week. The business indicates that they are unambiguously diligent in transforming its BTC trust into an ETF. In June, the Solicitor General employs a senior legal analyst to assist with its proposal. The crypto asset management will debut a crypto-linked ETF on the London Stock Exchange. They will also have it in the Borsa Italiana as well as the Deutsche Börse Xetra in May.
Since October 19, 2021, the business has been waiting for the SEC to make a ruling on converting its flagship $19.8 billion Grayscale Bitcoin Trust into a spot-based ETF. The SEC delays its judgment several times. The first happens in December and then again in February. On July 6, a final judgment on the petition is likely to happen.
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