The world’s largest cryptocurrency, Bitcoin, is on a roll, nearing the $37,000 mark, following a surge of nearly 4% over the last 24 hours.
The uptick is driven by speculation around the conversion of spot Bitcoin ETF, which could attract significant institutional investment.
Bloomberg ETF research analysts, Eric Balchunas and James Seyffart, have previously indicated a potential eight-day window for the U.S. Securities and Exchange Commission (SEC) to approve all 12 spot Bitcoin ETF applications, starting as early as November 9th, with a 90% likelihood of approval by January.
The SEC has now initiated talks with Grayscale Investments to explore the company’s proposal to transform its GBTC trust product into a spot Bitcoin ETF, as per a source quoted by CoinDesk.
Following its legal triumph, Grayscale has been in active discussions with both the SEC’s Division of Trading and Markets and the Division of Corporation Finance. Both divisions are expected to play crucial roles in shaping and eventually granting approval for Grayscale’s ETF application.
Despite the SEC’s initial denial of Grayscale’s request to launch an ETF that would directly hold crypto assets, a recent court ruling last month deemed the SEC’s refusal as “arbitrary and capricious”, ordering the agency to withdraw its denial.
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