Bitcoin’s recent price action has been a rollercoaster ride, and many wonder where it’s headed. Bitcoin sharply jumped to $30,000 following news of a supposed BlackRock Spot ETF approval from the SEC. However, this news turned out to be fake, leading to an immediate rejection back to the downside.
The possibility of a spot Bitcoin exchange-traded fund (ETF) is no longer a matter of “if” but “when,” according to Craig Salm, the Chief Legal Officer at Grayscale Investments. Salm shared his positive outlook on a recent SiriusXM radio show.
This comes after the SEC’s decision not to appeal an August court ruling, which directed the SEC to reconsider Grayscale’s request to transform its flagship GBTC fund into a spot Bitcoin ETF. Grayscale Investments has been actively engaged in discussions and efforts related to this development.
“The fact that we have two bills making it through committee going to the House floor is an amazing amount of progress in D.C. that we have not seen in the crypto space today,” he said as reported by Blockworks.
Meanwhile, Grayscale is expanding its presence in the cryptocurrency market. Their Grayscale Ethereum Trust (trading under the ticker ETHE) manages $5 billion in assets under management (AUM). It constitutes over 2% of the circulating supply of Ethereum (ETH) at the time of reporting. In addition to their existing offerings, Grayscale has applied for a new Grayscale Ethereum futures ETF.
Besides BlackRock and Fidelity, several other applicants, including Bitwise, Invesco, WisdomTree, VanEck, Valkyrie, Global X, 21Shares, and Ark Invest, have entered the scene. Currently, the SEC is actively reviewing all these proposals.
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