– The SEC must appeal the court decision in favor of Grayscale Investments by October 13 or review the fund manager’s application for a spot Bitcoin fund.
– While an appeal is unlikely, the SEC could still find ways to delay approval of Grayscale’s spot Bitcoin ETF conversion.
– One possibility is for the SEC to deny the application on new grounds, although this would be difficult to do.
– Another scenario is if the GBTC application is sent back for review, giving the SEC another chance to reject it.
– If the New York Stock Exchange has to make a new filing to list GBTC, the SEC could take up to eight months to reach a decision on the ETF.
– Currently, there are at least seven spot Bitcoin ETF applications before the SEC for approval.
– Grayscale’s application is particularly important because its approval could set a precedent for other applications.
– Bloomberg analysts believe there is a 75% likelihood of an approved spot Bitcoin ETF this year and a 95% likelihood by the end of 2024.