The implementation of a recent ruling regarding Grayscale’s Bitcoin ETF proposal is coinciding with considerable gains in the cryptocurrency market, including a 7.6% surge in Bitcoin’s daily value.
A court mandate regarding Grayscale’s spot Bitcoin ETF proposal was issued on Oct. 23, followed by significant market gains. Grayscale aims to transform its GBTC fund into a spot Bitcoin ETF. On Aug. 29, courts ordered the U.S. Securities and Exchange Commission (SEC) to review the proposal.
The court’s latest mandate has seen growth in several assets. The Grayscale Bitcoin Trust (GBTC) has risen by 5.9%. In addition, the overall crypto market has seen wider gains, with Bitcoin (BTC) rising by 7.6% in the 24-hour period ending 10 p.m. UTC on Oct. 24.
Despite broad optimism, the SEC has yet to approve any such fund. A recent filing regarding Grayscale compels the SEC to review, but not necessarily approve, the fund. There are also doubts surrounding the progress on BlackRock’s ETF as the ticker for the planned ETF disappeared from the Depository Trust & Clearing Corporation’s (DTCC) website.
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