Grayscale CEO Michael Sonnenshein required to X (Twitter) Monday early morning to state “it’s been a ten year dress rehearsal. we’re ready for the main event,” ahead of apparently impending approval for the conversion of its flagship fund into a spot Bitcoin ETF.
On June 29, 2022, Grayscale submitted a claim versus the SEC for rejecting its spot Bitcoin ETF conversion. Since then, Grayscale won its suit versus the SEC, with the regulator then choosing not to appeal the court choice after. Ten days later on, the United States Court of Appeals released a required that the SEC need to re-review Grayscale’s spot Bitcoin ETF application.
Approval of a spot ETF by the SEC appears nearly specific, with Grayscale’s primary legal officer just recently stating that a spot Bitcoin ETF approval is “a matter of when, not a matter of if anymore.” JPMorgan also commented back in September, stating that the SEC will likely be required to authorize spot Bitcoin ETFs, following Grayscale’s triumph in court.
Last week, it was highlighted by Bloomberg ETF expert James Seyffart that a short window of chance for the SEC to authorize all 12 spot Bitcoin ETF filings, consisting of Grayscale’s GBTC conversion. This window opened last Thursday and will stay open for a minimum of 8 days, with this being the last possibility of approval for a spot Bitcoin ETF in the United States in 2023.
While it’s possible the batch of spot Bitcoin ETFs get authorized today, it is apparently not likely. “If we are indeed going to see Bitcoin ETF approvals for this wave, I think it’s more likely to happen closer to January than this current window,” stated Seyffart.
Bitcoin is up 122% year to date, at the time of composing, on the speculation of the very first spot ETF approval in the United States, in addition to the upcoming halving in 2024.
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