No decision has been made today regarding the highly anticipated Grayscale-SEC case.
Many Bloomberg analysts and legal experts predicted that the decision on Grayscale's lawsuit with the US Securities and Exchange Commission (SEC) to convert its Bitcoin trust (GBTC) into a spot Bitcoin exchange-traded fund (ETF) would be made by the end of the week.
The SEC rejected Grayscale's application to convert GBTC into a spot BTC ETF in June 2022, and the company later sued the institution.
While numerous spot Bitcoin ETF applications, led by BlackRock, are being evaluated by the SEC, Grayscale's application is unique in that it aims to transform an already existing BTC-focused financial product into a new one.
The potential of the SEC to approve multiple spot BTC ETFs simultaneously is highly anticipated by the cryptocurrency market.
Grayscale announced yesterday that he posted a job posting to the ETF team for the position of senior assistant specialist.
Bloomberg ETF expert James Seyffart said in his statement:
“Unfortunately, today is not that day. There is no decision in the Grayscale vs SEC case regarding the conversion of GBTC to Bitcoin ETF.”
Seyffart pointed to next Tuesday as the next day when a decision is expected.
UPDATE: Unfortunately today is not the day either. No decision on @Grayscale vs @SECGov case for converting $GBTC into a #Bitcoin ETF.
Come back next Tuesday for more potentially useless updates! https://t.co/RdbwNy1nSM
— James Seyffart (@JSeyff) August 18, 2023
*Not investment advice.
