- Grayscale files ad for Bitcoin Trust with SEC, targeting retail investors.
- Court overturns SEC’s refusal of Grayscale’s spot Bitcoin ETF request.
- Google’s policy change may signal potential approval of a spot Bitcoin ETF.
As optimism grows for the approval of a Bitcoin exchange-traded fund, Grayscale, a leading crypto asset manager in the competition for an ETF, has filed a new advertisement aimed at retail investors for its Bitcoin Trust with the U.S. Securities and Exchange Commission.
In a recent post on X (previously known as Twitter), a cryptocurrency analyst named Marty Party observed this event. The analyst pointed out that the documentation on the SEC’s website pertains to Grayscale’s spot Bitcoin ETF, as stated in the filing.
Grayscale previously announced its plan to transform its Bitcoin Trust into an exchange-traded fund, contingent on receiving the necessary approval from the SEC. In an earlier event during October, Grayscale achieved a significant win when a court overturned the SEC’s refusal of Grayscale’s request to establish a spot Bitcoin ETF.
The firm announced that the tactical changes are intended to enable the price of its Bitcoin trust to align more closely with the true worth of the cryptocurrency. Furthermore, Grayscale indicated that this modification would remove the existing discount of 8.09%, which amounts to approximately $1.9 billion, thereby providing additional advantages to shareholders.
The latest change comes after the tech behemoth Google altered its policy to permit ads for cryptocurrency trusts. Those within the cryptocurrency community think this tactical move by Google might suggest that the authorization of a spot ETF could be imminent.
Grayscale, along with BlackRock and Fidelity, is a major institutional company that has applied to a spot Bitcoin ETF. These firms have purportedly convened with the SEC to revise their applications and respond to regulatory issues. Grayscale’s website states that the company manages over $25 billion in assets.
Market analysts anticipate that an ETF could receive approval by January 2024. In addition, specialists believe such an approval might drive Bitcoin’s value to reach a record peak of $100,000 by the end of December 2024. Concurrently, Bitcoin
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