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Grayscale Investments, a company that controls a $16.6 billion Bitcoin Trust, has come out victorious in terms of a lawsuit that was filed against the company by the Securities and Exchange Commission (SEC). The case was conducted in the D.C. Circuit Court. This will help open the doors for the company to exchange its GBTC for a spot Bitcoin ETF. This will make Grayscale the first company in the US to do so.
Analysts like Timothy Peterson and Crypto Rover are monitoring the situation, keeping in mind the present 17% Grayscale GBTC discount. In the event that the conversion receives approval, they anticipate that there will be significant selling requirements.
In spite of the favorable circumstances, there is a sense of foreboding because the litigation against Coinbase about unregistered securities exchanges is still ongoing. Because of the situation’s complexity, analysts from Berenberg believe that the SEC is likely to reject Grayscale’s suggestions for various reasons.
The Securities and Exchange Commission (SEC) has no choice but to immediately file an appeal against the judgment handed down by the court. In the event that they are unable, this might be the first instance in which the spot Bitcoin ETF in the United States is granted consent. The ensuing element may have a substantial impact not only on Grayscale Investments but also on the bitcoin market as a whole in the United States.
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