Grayscale Investments and BlackRock have both updated their applications for Bitcoin ETFs with the U.S. Securities and Exchange Commission (SEC). The updates come after a recent court ruling in favor of Grayscale, which challenged the SEC’s earlier refusal to allow spot Bitcoin ETFs.
Grayscale’s new filing is for a spot Bitcoin ETF on the NYSE Arca exchange. The filing comes after the company won a court battle against the SEC in August, which forced the SEC to review Grayscale‘s application for a spot Bitcoin ETF. Grayscale’s Bitcoin Trust (GBTC) is currently the world’s largest Bitcoin fund, and the company has been pushing for a spot Bitcoin ETF for several years.
BlackRock’s updated Bitcoin ETF application is for a fund that would track the Bloomberg Bitcoin BCF Index. The index is a measure of the price of Bitcoin, and it is designed to track the performance of Bitcoin without the need for investors to hold the asset directly. BlackRock is the world’s largest asset manager, and its application for a Bitcoin ETF is seen as a major sign of institutional interest in the cryptocurrency.
The SEC has yet to approve any spot Bitcoin ETFs, but the recent court ruling in favor of Grayscale has raised hopes that the agency may be more open to approving these products in the future. A spot Bitcoin ETF would be a major milestone for the cryptocurrency industry, as it would provide investors with a regulated and easy way to invest in Bitcoin.
What are the implications of Grayscale and BlackRock updating their Bitcoin ETF applications?
The fact that Grayscale and BlackRock are both updating their Bitcoin ETF applications is a significant development. It shows that these major financial institutions are still committed to bringing Bitcoin ETFs to market, even though the SEC has not yet approved any.
The recent court ruling in favor of Grayscale is also a positive sign. It suggests that the SEC may be more open to approving spot Bitcoin ETFs in the future.
If the SEC does approve a spot Bitcoin ETF, it would be a major milestone for the cryptocurrency industry. It would provide investors with a regulated and easy way to invest in Bitcoin, and it would likely boost the demand for the cryptocurrency.
What are the next steps for Grayscale and BlackRock’s Bitcoin ETF applications?
The next steps for Grayscale and BlackRock’s Bitcoin ETF applications are unclear. The SEC will now need to review the updated applications and decide whether or not to approve them.
The SEC has not yet set a deadline for making a decision on these applications, but it is possible that the agency could make a decision before the end of the year.
If the SEC does approve a spot Bitcoin ETF, it is likely that the ETF would launch within a few months of approval.
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