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Sonnenshein Grayscale Bitcoin ETF

Grayscale CEO Hints At Timeline For Bitcoin Spot ETF Decision

Jake Simmons
by Jake Simmons
2 years ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a recent interview on “Bloomberg Markets,” Grayscale Investments CEO Michael Sonnenshein described the US appeals court’s decision to overturn the Securities and Exchange Commission’s (SEC) block of his firm’s proposed spot Bitcoin exchange-traded fund (ETF) as a “huge win.” The ruling, which has been hailed as a significant step forward for the digital-assets industry, has rekindled hopes for the launch of the first US ETF that would invest directly in Bitcoin.

Will The SEC Run Out The Clock?

However, Sonnenshein expressed uncertainty regarding the next steps for Grayscale, stating, “We will have to see upon the final operational procedures that come through that final mandate that the court will issue.” He further added, “We don’t know what the final opinion will say until we reach the end of that period,” referencing the 45-day window for an en banc hearing, which would involve all 17 judges on the court, as opposed to the initial subset panel of three judges

Related Reading: Robinhood Wallet Introduces Swapping For Bitcoin, Dogecoin, And Ethereum

The crypto asset-manager’s recent legal victory is seen as a pivotal moment for the industry. Grayscale has long argued that converting its Bitcoin trust, GBTC, could unlock billions in value for its holders. This win is perceived as monumental, especially given the SEC’s historical reluctance to approve such products.

Despite the optimism, Sonnenshein cautioned that the path forward is not entirely clear. “There really shouldn’t be any further grounds like the SEC has been relying on to continue denying these types of products from coming to market,” he remarked. However, he also noted that Grayscale has not received any communication from the SEC post-ruling.

The market’s reaction was swift. Shares of GBTC surged 17% on Tuesday, outperforming Bitcoin’s 6% gain. However, GBTC’s shares dipped by over 4% on Wednesday, with its discount to its underlying holdings at approximately 18%, according to Bloomberg data. James Seyffart, an analyst at Bloomberg Intelligence, commented on the discount, suggesting that the market is more confident in a conversion now than before, but there remains some skepticism.

But the broader implications of the ruling are still unfolding. Many are keenly observing how the SEC will respond to the six spot Bitcoin ETFs, with decisions due shortly. Notable filers include industry giants like Bitwise, BlackRock, Fidelity, and Invesco. Given the court’s recent decision, there’s heightened interest in the SEC’s rationale for any potential delays.

Related Reading: Bitcoin Sharks & Whales Bought Right Before Grayscale Rally: Data

Sonnenshein, reflecting on the journey, stated, “Yesterday was the culmination of more than a year worth of litigation. Huge win for Grayscale, huge win for our investors and really the crypto and investment communities as a whole.” He also reaffirmed Grayscale’s commitment to the crypto space, emphasizing, “crypto as an asset class is most certainly here to stay.”

What Happens On Friday?

The industry now waits with bated breath to see how this landmark ruling will shape the future of Bitcoin spot ETFs in the US. Bloomberg senior ETF analysts, Eric Balchunas and James Seyffart, have now raised the likelihood of a Bitcoin spot ETF to 75% for this year and 95% by the end of 2024, following Grayscale’s triumph. “While we factored Grayscale win into our prev 65% odds, the unanimity & decisiveness of ruling was beyond expectations and leaves SEC w “very little wiggle room,” Blachunas said.

Remarkably, with Grayscale ruling, now it will be fascinating to see how SEC handles the batch of six spot Bitcoin ETFs with a decision due tomorrow, Friday. The list of filers includes Bitwise, BlackRock, Fidelity, Invesco among others. Past SEC delays and denials have hinged solely on grounds the court just shot down completely. So, what will be the reasoning of the SEC now? Or will there be a surprising approval?

At press time, BTC traded at $27,280.

Bitcoin price
Bitcoin hovers above the 200D EMA, 1-day chart | Source: BTCUSD on TradingView.com
Featured image from Modern Consensus, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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