The U.S. could be on the verge of getting its first spot bitcoin exchange-traded fund after a federal court ordered the Securities and Exchange Commission to review its rejection of Grayscale Investments’ attempt to convert the Grayscale Bitcoin Trust (GBTC) into an ETF.
Grayscale Investments, the manager behind the leading cryptocurrency fund, first applied to convert its GBTC closed-end fund into an exchange-traded fund in October 2021.
Watch Ark Invest's Cathie Wood correctly predict the overturning of the SEC's Bitcoin ETF decision in an exclusive interview with Benzinga CEO Jason Raznick. The full episode will premier tomorrow on BenzingaTV and RazReport.com at 2PM ET.
00:00 The US could be on the verge of getting its first spot Bitcoin exchange traded fund after a federal appeals court has ruled that the SEC was wrong to reject an application from Grayscale for a spot Bitcoin ETF.
00:12 Now in an exclusive interview that we recorded with ARK Invest's Kathy Wood last week, which will premiere at 2pm on August 30th on Benzinga TV, she predicted that Grayscale would win their case against the SEC and she also commented on what would happen next.
00:28 We're in the news for our Bitcoin ETF filing and because it's with the SEC, we cannot say anything.
00:35 But I really do believe that the SEC is going to lose the Grayscale case and that's going to happen pretty soon.
00:56 And that one of the ways that the SEC could respond is to turn around and change the subject and approve not just one Bitcoin ETF, but a lot of the ones that are on the docket right now.
01:00 So it could happen, it could happen quickly. And, you know, I think from an institutional point of view, then I think we're going to see a serious move in.
01:12 And what's interesting about that is the number of Bitcoin outstanding now is 19-ish million and the maximum will be 21 million.
01:22 If institutions want to move in, that's going to be a lot of incremental demand for not that much more incremental supply.
01:33 So the only one to the only way to to then do that is to bid the price up if they really want to be a part of that movement.
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