Over the weekend, bitcoin climbed back up to around $28,000. There were two pieces of good news, one about ETF and one about Ferrari, although perhaps the rise was due to something else.
The good news on ETFs
The first piece of good news actually came on Friday evening when it was confirmed that the SEC had dropped its appeal against the ruling in the Grayscale case.
In fact, that ruling not only faulted the SEC for refusing to approve the conversion of the Grayscale Bitcoin Trust into an ETF, but actually ordered the agency to proceed with the approval.
By dropping the appeal, the SEC has effectively accepted this ruling and it now seems almost a foregone conclusion that it will approve the application to convert GBTC into a spot bitcoin ETF.
At this point, it is expected that it will also approve all other applications to issue spot bitcoin ETFs, including BlackRock’s.
The first pressing deadline in this regard is 10 January 2024, which relates to the Ark Invest and 21Sh
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