Hard To Deny A Bitcoin Spot ETF After This
The CEO of Grayscale Investments announced today on Twitter that "the plot thickens on the path to $GBTC’s spot #Bitcoin #ETF conversion".
Why is this a big deal? Well today a Bitcoin Futures ETF was approved under the 33' Act. Currently, the previous Bitcoin Futures ETF's were approved under the 40' Act and the countless Bitcoin spot ETFs have been denied under the 33' Act.
Now, that precedent has been set with approval under the 33' Act, the justification for denying yet another Bitcoin spot ETF has now been significantly weakened.
There are currently (3) Bitcoin spot ETFs awaiting for approval.
Global X Bitcoin Trust Global X Digital Assets Submitted: 7/21/2021 Link Final decision due by April 4/20/2022 Bitwise Bitcoin ETP Trust Bitwise Submitted:10/14/2021 Link Collecting comments until 3/8/2022 Final Decision due by June 11, 2022 (using 180 days initial + 60 day extension) Grayscale Bitcoin Trust Grayscale Submitted: 10/19/2021 Link Accepting comments until 3/11/2022
Final Decision due by June 16, 2022 (using 180 days initial + 60 day extension)
71 days remain until the Grayscale Bitcoin Trust is either approved or denied. It is looking more likely that this ETF could be approved based upon the 33' Act ruling as mentioned above.
An approval of a Bitcoin spot ETF (ticker:GBTC) opens the door for a Litecoin spot ETF (ticker:LTCN). This has been covered in previous article: https://www.lookintolitecoin.com/post/litecoin-spot-etf-in-the-works-after-a-bitcoin-spot-etf