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You are here: Home / Archives for Bitcoin ETF

Bitcoin ETF

Grayscale’s Bitcoin ETF Lawsuit Gains Major Advantage Over SEC

March 8, 2023 by Lipika Deka

In a major development to the Grayscale’s Bitcoin ETF lawsuit, a panel of judges in Washington quizzed the SEC over its decision to reject the latter’s application for its flagship spot investment fund, while approving other products.

The US top regulator rejected Grayscale Investment LLC’s application last June on the grounds of not meeting anti-fraud and investor protection standards.

Judges at the court hearing stated that since both Grayscale’s spot and futures funds depend on the price of bitcoin, the regulator’s earlier approval of specific surveillance agreements to prevent fraud in bitcoin futures-based ETFs should also be acceptable for Grayscale’s spot fund.

One of the judges, Neomi Rao stated,

It seems like it’s fine for an agency to say okay, we need some more information, but it seems there’s quite a bit of information here on how these markets work together, and the SEC has not offered any explanation… that the petitioners here are wrong.

Emily True Parise, senior litigation counsel for the SEC, claimed that there is not enough information available for the agency to establish if the agreements for surveillance may also detect potential fraud and manipulation in the spot markets.

“The evidence is just mixed at this point. It’s bi-directional sometimes,” she said.

On the other hand, Grayscale’s lead counsel Donald Verrilli Jr. argued that a spot bitcoin ETF would “better protect investors” because it would give them the advantage of oversight based on the surveillance arrangements established with the Chicago Mercantile Exchange, where BTC futures are traded.

In Jan, this year, Grayscale’s Chief Legal Officer, Craig Salm accused the SEC of treating spot bitcoin ETFs differently from the futures ETFs, despite both deriving their pricing from the same underlying spot BTC markets. 

Salm went on to say that the “substantial market test” that the SEC used to assess the proposal was deeply flawed, excessive, arbitrary, and unreasonable. 

Proponents Vouch For Spot Bitcoin

It needs to be mentioned that in 2019, Grayscale Investment Fund, filed Form 10 with the SEC to push its ETF product only to be thwarted several times by the agency citing multiple reasons.

Michael Sonnenshein, the CEO of Grayscale, recently stated that he anticipates the court would decide in Grayscale’s favor and that he expected a definitive decision in the case this fall.

Bitcoin futures ETFs follow contracts to buy or sell bitcoin at a specific price on a specific date whereas a spot bitcoin ETF tracks BTC’s underlying market price.

A spot bitcoin ETF, according to supporters, would give investors exposure to BTC without requiring them to buy it.

Filed Under: News, Bitcoin News Tagged With: Bitcoin ETF, btc, Grayscale, SEC

Ripple Supreme Court Showdown: Pro-Crypto Lawyer Weighs in On SEC Lawsuit & Grayscale ETF Conversion

January 28, 2023 by Ammar Raza

Pro-crypto lawyer John Deaton took to Twitter to weigh in on the ongoing legal battle between Grayscale and the SEC over the conversion of Grayscale Bitcoin Trust (GBTC) into a Bitcoin exchange-traded fund (ETF). Deaton also commented on the SEC’s lawsuit against Ripple Labs, suggesting that it could also make its way to the U.S. Supreme Court.

And after the Supreme Court’s decision in West Virginia 🆚 EPA, I have zero doubt that the current makeup of the U.S. Supreme Court will rule in favor of @Ripple if it goes that far. The SEC did not limit its allegations to only apply to Ripple’s sales of #XRP. It went too far.

— John E Deaton (@JohnEDeaton1) January 26, 2023

Deaton stated that he believes the odds of a Grayscale win before the D.C. Circuit are 50/50 and a win before the Supreme Court are 75-80%. He argued that under the law, the SEC’s denial of a spot BTC ETF while allowing both a futures ETF and a short ETF is arbitrary and capricious.

He also commented on the SEC’s case against Ripple Labs, stating that he has “zero doubt that the current makeup of the U.S. Supreme Court will rule in favor of Ripple if it goes that far.” Deaton argues that the SEC went too far in its allegations against Ripple and that the case rests on “demonstrably false premises.”

Dave Weisberger, CEO of CoinRoutes, also weighed in on the discussion, stating that the SEC’s case is based on false premises and ignores precedent set by approved gold spot ETFs, while the Bitcoin spot is more transparent and liquid. He also argued that the availability of GBTC for purchase in brokerage accounts harms investors directly, against the SEC’s mandate.

The SEC case rests upon demonstrably false premises:

1/ Spot is easier to manipulate than the Bitcoin Futures. Data shows that to be the polar opposite of the truth.

2/ the SEC has more access to trading data with futures. BUT ALL spot order book & trade data is public.

— Dave Weisberger (@daveweisberger1) January 26, 2023

Latest Update On Ripple Lawsuit

In a recent development in the ongoing legal battle between Ripple and the SEC, an investment banker declarant, who is an employee of an SEC-regulated entity, has filed a response to Ripple’s opposition to an earlier motion to keep his name, position, and employer private. 

#XRPCommunity #SECGov v. #Ripple #XRP “Investment Banker Declarant” files a Response to Ripple’s opposition to the motion by “Investment Banker Declarant” to shield from public view his name, position, and employer. pic.twitter.com/DwleVLOHdj

— James K. Filan 🇺🇸🇮🇪 126k (beware of imposters) (@FilanLaw) January 25, 2023

The response, which was submitted by the investment banker’s legal representatives, points out that the declarant submitted his statement to the SEC “voluntarily,” but in reality, the options presented to him were to provide a declaration or to testify. 

The investment banker’s firm is an SEC-registered broker-dealer, and, as such, the declarant had no choice but to comply with the request from the SEC. The document, which was attached to James K. Filan’s tweet, stated:

Where a witness’s only options are to provide a declaration or to testify, there is no truly voluntary choice to be made.

Related Reading | Bitcoin (BTC) Market Sentiment Flips: Risk Reversals Show Bullish Shift

Filed Under: News, World Tagged With: Bitcoin (BTC), Bitcoin ETF, Ripple (XRP), SEC

Bitcoin ETF Rejection: Grayscale Submits Response Brief in Appeal Against SEC 

January 15, 2023 by Ammar Raza

Grayscale has submitted a response brief in its appeal against the US Securities and Exchange Commission’s (SEC) rejection of its proposal to transform its $12 billion Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF that is based on spot prices. 

The brief, which was filed in the District of Columbia Circuit Court, refutes the points made in the SEC’s December response brief and reiterates Grayscale’s original arguments.

GBTC Conversion To A Spot Bitcoin ETF

Grayscale’s Chief Legal Officer, Craig Salm, announced via a Twitter thread that they had filed a reply brief in their appeal against the US SEC. Salm stated that this is a significant milestone as Grayscale filed the Petition for Review in June, their Opening Brief in October, and the SEC’s Reply Brief in December. 

1/ As part of our suit challenging the SEC's decision to deny $GBTC conversion to a spot #bitcoin #ETF, @Grayscale just filed our Reply Brief with the DC Circuit Court of Appeals. Here’s what you need to know:

— Craig Salm (@CraigSalm) January 13, 2023

The recent brief is shorter than the previous one and “addresses counterpoints made by the SEC in their brief while also re-emphasizing key substantive arguments from” the Opening Brief.

Salm accused the SEC of treating spot bitcoin ETFs differently from bitcoin futures ETFs, despite both deriving their pricing from the same underlying spot bitcoin markets. 

Salm further stated that the “significant market test” used by the SEC to evaluate the proposal is deeply flawed, exceeds their statutory authority, and is arbitrary and unreasoned. 

Salm also stated that Grayscale believes:

Our proposal to convert GBTC to a spot bitcoin ETF satisfies the requirements of the Exchange Act because it is designed to prevent fraud and manipulation while protecting investors and the public interest.

He also announced that they would continue to keep their community apprised of developments in the litigation. The next milestone will be their final briefs, due February 2nd. He also noted that the timing for oral arguments is uncertain, but it may be as soon as Q2, the final decision in DC Cir. App. Court could come by Fall.

Salm Call Support For Grayscale Bitcoin Trust’s Case

Grayscale’s Chief Legal Officer Craig Salm, in a tweet on January 11th, called on the public to support their case. He emphasized that this case is of paramount importance for the 850k+ shareholders who hold GBTC, as the conversion is expected to close the current discount to NAV and unlock over $4 billion of value. 

@Grayscale will soon file the next brief in our suit challenging SEC's decision to deny $GBTC conversion to a spot #Bitcoin #ETF. The case is moving swiftly. While timing is uncertain, oral arguments may be as soon as Q2. Final decision in DC Cir. App. Court could come by Fall.🧵

— Craig Salm (@CraigSalm) January 12, 2023

Salm also stated that Grayscale has some of the best legal minds representing GBTC shareholders in the District of Columbia Circuit Court of Appeals, including Don Verrilli, a former Solicitor General under the Obama administration, and his team at MTO and Davis Polk. 

While expressing confidence that the Court will rule in their favor, Salm also acknowledged that they have committed to exploring alternative paths to returning capital to GBTC shareholders if their legal challenge is unsuccessful. 

These options could include a tender offer for a portion of GBTC shares, subject to relief and approvals from the SEC, as outlined by Sonnen shein. 

However, Salm emphasized that pursuing an alternative path would deviate from GBTC’s long-held ETF aspirations and would not be an ideal outcome. It would also effectively mean that regulators have shut the door on efficient access to Bitcoin through US-regulated investment vehicles.

Related Reading | RippleX Announces Wave 4 Awardees – Totaling $2.6M in Funding To 26 Projects

Filed Under: News, Bitcoin News Tagged With: Bitcoin ETF, GBTC, SEC

Hong Kong’s First Bitcoin ETF Is Here After $73M Seed Capital

December 15, 2022 by Lipika Deka

Bitcoin exchange-traded fund [ETF] in Hong Kong has now become a reality after two ETFs overseen by CSOP Asset Management have secured a total of over $73 million ahead of their launch on the Hong Kong stock exchange, notwithstanding the current market instability.

CSOP Asset Management’s ETFs, primarily invest in bitcoin and ether futures which are the only cryptocurrency assets currently permitted by Hong Kong’s Securities and Futures Commission [SFC].

Out of the two, the bigger one called CSOP BTC Futures ETF was able to raise $53.9 million, per the investment firm.

According to media reports, that outperformed ProShares Bitcoin Strategy ETF, the first U.S. bitcoin futures ETF, which made its debut on the NYSE Arca exchange in October 2021 with $20 million in seed money.

”Coming after the recent liquidity problems affecting some of the crypto platforms, our two crypto futures ETFs demonstrate that Hong Kong remains open-minded on the development of virtual assets,” said Yi Wang, head of quantitative investment at CSOP.

”As the ETFs do not invest in physical bitcoin, and are traded on regulated U.S. and Hong Kong exchanges, there are more regulatory safeguards for investors compared to tokens traded on unregulated platforms,” Wang stated.

On Friday, each lot trading on the Hong Kong Exchanges & Clearing [HKEX] will debut at HK$780 each.” The price of bitcoin may be subject to manipulation as a significant portion is held by a small number of holders” and the CME futures could drop to zero, the ETFs’ product document filed to the HKEX said.

The latest development follows the CSOP’s recent approval to list its Bitcoin and Ethereum exchange-traded funds by the SFC of Hong Kong on Dec 16.

Bitcoin And Ethereum ETFs In the Pipeline

A week ago, three asset management firms including CSOP Asset Management submitted their ETF applications to the Securities and Futures Commission or SFC, TronWeekly reported.

The other two AUMs in the race are Samsung Asset Management and Mirae Asset Global Investments.

Once granted approval, bitcoin and ether futures will go live on the Chicago Mercantile Exchange, according to people familiar with the plans.

Despite the FTX contagion that sent a chill across the industry, institutional and retail clients in Hong Kong, mainland China, and Taiwan have shown more interest in investing in cryptocurrency ETFs.

Filed Under: Bitcoin News, News Tagged With: Bitcoin (BTC), Bitcoin ETF, CSOP AUM, Hong kong

Here’s Why Grayscale is Being Sued For Allegedly Mismanaging Its GBTC

December 7, 2022 by Aishwarya shashikumar

Grayscale Investments is the target of a lawsuit brought by hedge fund Fir Tree. To look into “possible mismanagement and conflicts of interest” at its $10.7 billion Bitcoin fund, it is requesting information. The information sought might be used to compel the firm to alter how its flagship Bitcoin Trust—GBTC—is managed.

According to a recent Bloomberg report,

“Fir Tree, which manages $3 billion, wants to use the information to push Grayscale to erase the discount by lowering fees and resuming redemptions, said people familiar with the hedge fund’s plans. The trust has roughly 850,000 retail investors who have been “harmed by Grayscale’s shareholder-unfriendly actions,” the firm said in the complaint.”

Grayscale’s Redemption Bar “Self-Imposed”

Grayscale’s redemption bar, which dates to 2014, was allegedly “self-imposed,” according to Fir Tree. It further stated that the trust could permit investors to withdraw their money without obstruction under the law. However, the firm has stated in regulatory filings that it is unable to provide an “ongoing redemption program.”

The hedge fund further claimed that Grayscale resisted share redemption since doing so would reduce profits. The corporation allegedly sold “an incredible number” of additional shares between 2018 and 2021, according to the lawsuit. It imposed a 2% fee, higher than its rivals, on the market value of its Bitcoin holdings rather than the lower share market price. The firm received $615.4 million in fees last year, according to Fir Tree.

Grayscale’s attempts to turn the trust into an ETF must also be stopped, according to Fir Tree. The firm has often asserted that this is the only method company can legitimately redeem shares. According to a statement sent to Bloomberg by a Grayscale spokesperson through email,

“In 2013, we launched Grayscale Bitcoin Trust (GBTC) to provide investors with access to Bitcoin, and always with the intention of converting it to an ETF when permitted by US regulators. We remain 100% committed to converting GBTC to an ETF, as we strongly believe this is the best long-term product structure for GBTC and its shareholders.”

Since late February, GBTC shares have been trading at a discount. The discount gap was as wide as 43.04% at the time of publication.

Screenshot 213
Source: Y Charts

Filed Under: News, World Tagged With: Bitcoin ETF, Fir Tree, GBTC, Grayscale, Grayscale Bitcoin Trust, Grayscale Bitcoin Trust Shares

Grayscale sues SEC; how the tables have turned

June 30, 2022 by Aishwarya shashikumar

Grayscale submitted documents to the Securities and Exchange Commission (SEC) in October of last year in order to turn its Bitcoin Trust into an ETF. Following several extensions, the regulatory agency on Wednesday issued a rejection decision. Likewise, Grayscale’s application did not address the regulator’s concerns regarding how it would guard against market manipulation and safeguard the interests of investors and the general public.

As a result, the SEC has not yet given the go-ahead for a spot Bitcoin ETF. However, it has already approved a few products based on futures. In November of last year, the crypto asset management firm wrote to the SEC with the same justification. They had argued that it was “arbitrary and capricious” for the SEC to approve futures products but not spot ones. Additionally, the firm underlined that the bias in question might constitute a breach of the Administrative Procedure Act.

Donald B. Verrilli, Jr., senior legal strategist at the firm, reiterated the same by saying,

“As Grayscale and the team at Davis Polk & Wardwell have outlined, the SEC is failing to apply consistent treatment to similar investment vehicles and is therefore acting arbitrarily and capriciously in violation of the Administrative Procedure Act and Securities Exchange Act of 1934.”

Recall that Grayscale strengthened its legal staff by hiring Donald Verrilli, a top attorney from the Obama administration, at the beginning of June. The company was already considering the risk that the decision might not be in its favour at the time. Notably, Verrilli served as US solicitor general under the Obama administration from 2011 to 2016. He had acted as the government’s attorney in numerous Supreme Court matters.

Grayscale treads on legal waters

Grayscale made the decision to quickly traverse legal waters when the rejection order was issued. The CEO of Grayscale, Michael Sonnenshein, announced on Twitter that a lawsuit had been filed to contest the SEC’s judgement.

Screenshot 56

In his final statement, Sonnenshein said that Grayscale will keep using its “full resources” to fight for its shareholders’ rights and the “equitable regulatory treatment” of Bitcoin investment vehicles.

Filed Under: News, World Tagged With: Bitcoin ETF, Cryptocurrency, Grayscale, Securities and Exchange Commission [SEC]

Meet Europe’s Cheapest Spot Bitcoin ETF With Bear-Market Resistance

June 29, 2022 by Lipika Deka

21shares has launched Europe’s new low-cost spot Bitcoin ETF in Switzerland that claims to withstand the bear market.

Announcing its Crypto Winter Suite, the world’s largest issuer of cryptocurrency exchange-traded products [ETPs] rolled out the first product in the suite dubbed as 21Shares Bitcoin Core ETP [CBTC], on the SIX Swiss Exchange.

According to the press release, CBTC has a total expense ratio of 21 basis points [0.21%] signifying the 21 million cap on Bitcoin – which is 44 basis points [0.44%] below the next lowest product on the market.

In order to achieve this, a portion of the underlying crypto would be lent out on a fully collateralized basis to balance out the operating costs. Lending on CBTC will commence once the product achieves sufficient scale, the blog read.

image 12
Meet Europe's Cheapest Spot Bitcoin ETF With Bear-Market Resistance 4

Beyond that, the ETP curator’s next focus would be creating bear-market compatible products. Arthur Krause, Director of ETP Product at 21Shares stated,

Given the current market environment, many investors are looking to ‘buy-the-dip’ and generate the maximum potential long-term return.Our Crypto Winter Suite will provide ways for investors to dip their toes in the water at some of the lowest costs on the market.

Last week, ProShares debuted its first short bitcoin-linked ETF in the United States under the ticker BITI. The new fund went live on the New York Stock Exchange NYSE, TronWeekly reported.

Bitcoin ETFs Face An Uncertain Future

During the market turbulence in early June, Bitcoin ETFs plummeted as stocks trade sharply lower with some dropping as low as 70%.

Even though Bitcoin has slid back to the $20k range and the market remained on a bearish tone, sell-offs have eased now.

On June 27, Grayscale Investments announced that it is gearing up to work with bigwigs market makers Jane Street and Virtu Financial if the SEC approves their Grayscale Bitcoin Trust [GBTC] to be converted into a spot ETF.

GBTC then was trading at nearly a 30% discount to the net asset value. The discount would likely be removed if the trust converted to an ETF.

Moreover, the SEC’s decision on GBTC’s spot ETF application is expected to be announced by July 6th, 2022. Irrespective of the outcome, CEO Michael Sonnenshien reiterated that his firm is committed to converting GBTC from a trust to a spot ETF.

Filed Under: Bitcoin News, News Tagged With: 21Shares, Bear Market, Bitcoin ETF

Inverse Bitcoin ETF beneficial for crypto: Grayscale CEO

June 23, 2022 by Aishwarya shashikumar

Grayscale CEO Michael Sonnenshein recently asserted on Twitter that the introduction of the first short Bitcoin exchange-traded fund (ETF) in the United States could be encouraging for the cryptocurrency sector.

Screenshot 49

He thinks that the U.S. Securities and Exchange Commission’s approval of new BTC-related goods shows that the powerful regulator is gradually growing more at ease with the biggest cryptocurrency.

According to U.Today, on Tuesday, trading on the New York Stock Exchange (NYSE) began for the ProShares Short Bitcoin Strategy (BITI), which provides exposure to the inverse performance of the biggest cryptocurrency.

The SEC’s approval of ProShares’ Bitcoin futures ETF in October was seen as a turning point for the cryptocurrency market and rekindled the second stage of the 2021 bull run.

But the authority has so far turned down every application to allow a spot-based Bitcoin ETF. Currently, Grayscale is putting up a valiant campaign to persuade the SEC to turn its flagship trust into an exchange-traded fund. Sonnenshein has nevertheless emphasized that he is not identifying the recent correction’s bottom.

BTC’s price dropped to $17,500 on Saturday, but it was able to launch a small comeback after that. The top cryptocurrency experienced a rise on Tuesday, reaching a high of $21,708.

Bitcoin to Test $17,000 Again?

Former NYSE Group President Tom Farley recently claimed that the price of Bitcoin may end up retesting the $17,000 level during an appearance on CNBC.

Yet he considers the current price decline to be a “very wonderful” purchasing opportunity, suggesting that the cryptocurrency has at least temporarily struck a bottom. Farley is of the opinion that the market has already capitulated.

After a protracted run of losses, the largest cryptocurrency in the world was able to retake the $21,000 mark earlier today, marking a tiny success for bulls.

Arthur Hayes, the former CEO of BitMEX, forewarned on Monday that there would be additional forced selling as a result of market uncertainty. In the past, Paul Krugman, a Nobel Prize-winning economist, warned that the tiny comeback would just be a dead-cat bounce.

Chris Burniske, a cryptocurrency analyst, recently tweeted that he would not be surprised if BTC fell under the $10,000 mark. There is more possibility for a downturn because miners have not yet given in. Burniske also thinks that the unfavorable macro environment will make it difficult for Bitcoin to recover.

Filed Under: News, Bitcoin News, World Tagged With: Bitcoin (BTC), Bitcoin ETF, Cryptocurrency, Grayscale, michael sonnenshein

ProShares Debuts First Short Bitcoin ETF [BITI]

June 22, 2022 by Lipika Deka

ProShares is all set to unveil its first short bitcoin-linked ETF in the United States under the ticker BITI. The new fund will go live on the New York Stock Exchange NYSE.

According to the press release, BITI will provide investors a chance to profit from Bitcoin’s price dip or protect market exposure with the convenience of an ETF. Speaking of the new launch, ProShares CEO Michael L. Sapir stated,

“As recent times have shown, bitcoin can drop in value. BITI affords investors who believe that the price of bitcoin will drop an opportunity to potentially profit or hedge their cryptocurrency holdings. BITI enables investors to conveniently obtain short exposure to bitcoin through buying an ETF in a traditional brokerage account.”

Back in October 2021, ProShares created history when it successfully launched BITO, the first U.S. bitcoin-linked ETF, raking over $1 billion in assets in just two days.

The leading ETF issuer also curated the first BTC-linked mutual fund, BTCFX, in July 2021.

However, Bitcoin ETFs were being bamboozled as stocks trade sharply lower amid fears of a looming recession, with investors anticipating that the Federal Reserve may adopt a more hawkish stance by raising rates to curb surging inflation.

ProShares ETFs value dropped by 70%  

Last week, the performance of these exchange-traded funds that track Bitcoin through managed futures contracts was at their worst as these asset classes were trading all-time lows in the wake of a severe downswing in the crypto market.

As per various reports, the ProShares Bitcoin Strategy ETF, in particular, has fallen almost 70%.

In addition to that, other top ETFs Valkyrie Bitcoin Strategy ET and VanEck Bitcoin Strategy ETF have all hit record lows in the wake of the mega BTC selloff.

Bitcoin has dropped 69% from its previous peak, falling 55% this year alone, as as result the ETFs troupe went belly up.

The report also notes that the popular Grayscale Bitcoin Trust has been trading lower this year, by 60.1%. That’s not its lowest level on record, but it is a 20-month low for the fund.

Filed Under: Bitcoin News, News Tagged With: Bitcoin ETF, BITI, ProShares

Grayscale doubles down on its efforts for a Spot Bitcoin ETF

April 24, 2022 by Lipika Deka

Asset management firm Grayscale has renewed efforts to gain permission from the US securities watchdog in converting the world’s largest crypto investment vehicle into an exchange-traded fund.

As per a letter sent to the regulator, the asset manager is bolstering its application with the Securities and Exchange Commission to convert its $40 billion Bitcoin Trust into a spot Bitcoin ETF.

The latest move from Grayscale comes as the SEC is contemplating whether to give the green signal for US exchange-traded funds to hold bitcoin, rather than derivatives linked to the cryptocurrency, for the first time.

The investment firm is currently awaiting to hear back from the SEC in early July on a decision that would change its Bitcoin Trust into an ETF. If they are rejected, Grayscale Investments CEO Michael Sonnenshein has hinted that it is willing to flip the script and take SEC to court.

Image

While there is no doubt that Grayscale’s CEO has been one of the vocal SEC critics, he is not alone. In an interview, this month, Bitwise Asset Management’s Matt Hougan took note of the fallacy and said,

“The SEC is objecting on the grounds of manipulation concerns, but its specific request was to demonstrate that regulated CME markets are of significant size. Bitcoin is now an institutional market. It’s a market with institutional service providers, institutional investors, and a large and robust regulated futures market.”

Grayscale’s gambit is monumental for the crypto industry

Several other crypto firms have already been reprimanded in their attempts to open similar funds and Grayscale’s gambit represents one of the crypto industry’s last hopes of launching such a product in the near future.

But that has hardly acted as a deterrence. As ETF Trends CEO Tom Lydon pointed out that a growing number of financial advisors are interested in investing in a bitcoin ETF.

A 2022 Bitwise/ETF Trends Survey revealed that 82% of advisors prefer a spot bitcoin ETF over a futures-based alternative. The demand has also increased for bitcoin products that investors can purchase on traditional brokerage platforms, Lydon said.

Right now, there are not many choices, so it’s not going backward, he added. Crypto experts are still hopeful a spot bitcoin ETF could make its entry as early as this year.

Filed Under: Bitcoin News, News Tagged With: Bitcoin ETF, Grayscale, Spot

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