Does the fact that the SEC continues to reject all spot Bitcoin ETF applicants mean that the Grayscale BTC Trust is doomed for all eternity? noshitcoins explores the matter.
Over the years, the SEC has rejected every applicant and the latest denialfor a spot Bitcoin ETF on Oct. 11. The SEC concluded that the offer did not have the ability “to obtain information necessary to detect, investigate, and deter fraud and market manipulation, as well as violations of exchange rules and applicable federal securities laws and rules.”
The Grayscale Bitcoin Trust Fund , a U$ 12.3 billion investment fund, is currently trading at a record-high 36.7% discount versus its Bitcoin holdings, but this might not be a buy the dip-type of discount. The gap started after the Toronto Stock Exchange launched theAn ETF is a security type that holds diversified underlying investments, including commodities, stocks or bonds. The ETF might resemble a mutual fund because it is pooled and managed by its issuer.
Buying an ETF gives the investor direct ownership of its contents, creating different taxation events versus holding futures contracts and leveraged positions.Investment trust funds sit outside the SEC’s authority and are actually regulated by the U.S. Office of the Comptroller of the Currency. For instance, Purpose Bitcoin ETF held a $3.59 net asset value per share on Oct. 13, and the shares closed at $3.60 on Toronto exchange. Similarly, U.S. derivatives ProShares Bitcoin Strategy ETF underlying price was $11.94 on Oct. 13, while its shares traded at $11.95.In June 2022, the asset manager Grayscaleregarding converting the GBTC into a spot-based Bitcoin ETF. The firm has been waiting for a final decision from the regulator since filing its application in October 2021.
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