Grayscale Investments, managing a $16.6 billion Trust, won a lawsuit against the Securities and Exchange Commission (SEC) at the D.C. Circuit Court. This victory could potentially pave the way for Grayscale to convert its GBTC into a spot Bitcoin ETF, marking a first in the US.
Analysts such as Timothy Peterson and Crypto Rover are closely tracking these developments, noting the current 17% Grayscale GBTC discount. They anticipate significant sell pressure if the conversion is approved, which could create opportunities for profit margin offload.
This positive development is shadowed by the ongoing lawsuit involving Coinbase (NASDAQ:) over charges of unregistered securities exchange. Analysts from Berenberg suggest that the SEC might reject Grayscale’s proposal on different grounds due to this legal entanglement.
The SEC has until today to appeal against the court ruling. If they fail to do so, it may witness the approval of the first spot Bitcoin ETF in the US. The outcome of this situation will have substantial implications for Grayscale Investments and the broader cryptocurrency market in the United States.
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