Grayscale is awaiting regulatory approval from the SEC to function as an ETF. Amidst this, whale interest in Bitcoin starts rising.
Whales showed strong interest in Bitcoin, while miner revenue fell.
recent triumph over the SEC brought optimism to the crypto market, with a surge in interest from whales. However, further developments suggested that Grayscale’s legal challenges were far from over.On 29 August, the DC Circuit’s Court of Appeals unanimously overturned the SEC’s denial of Grayscale Bitcoin Trust’s conversion to a spot Bitcoin ETF. This win was celebrated by GBTC shareholders and the entire crypto community.sent a letter to the SEC.
The letter also highlighted that the Trust’s Rule 19b-4 filing had been pending for an unreasonably long time, in violation of the law. Grayscale’s legal team urged the SEC to promptly approve NYSE Arca’s Rule 19b-4 filing, ensuring a level playing field for GBTC’s nearly one million investors. GBTC is fully prepared to function as an ETF once it receives regulatory approval. But despite this legal filing, Grayscale’s victory may not guarantee an immediate transformation of the
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