Grayscale Bitcoin Trust, or GBTC’s share price rallied almost 9% Tuesday, after a panel of judges appeared to be skeptical to the U.S. Securities and...
Grayscale Bitcoin Trust, or GBTC, saw its share price rally almost 9% Tuesday, after a panel of judges appeared to be skeptical about the U.S. Securities and Exchange Commission’s arguments during an appeals court hearing, as Grayscale continues its push to convert GBTC into an exchange-traded fund.
Judges at the District of Columbia Circuit Court of Appeals in Washington, D.C., asked SEC senior counsel Emily Parise details about the connections between bitcoin BTCUSD spot and futures and markets, and questioned the agency’s argument that bitcoin futures ETFs would be more resistant to manipulation than spot bitcoin ETFs, according to a live recording of the hearing.
The lawsuit filed by Grayscale is under the spotlight as it may shed light on whether and when a spot bitcoin ETF might be available in the U.S. Meanwhile, a successful conversion of GBTC into an ETF would help mitigate the discount GBTC has been trading at to its net asset value, or the value of bitcoins it holds.
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