- Grayscale GBTC discount falls to 16% as markets bet on Bitcoin ETF approval Cointelegraph
- SEC Has No Plans To Appeal Court Ruling on Grayscale Bitcoin ETF: Report The Daily Hodl
- Spot Bitcoin ETF Approval Is Almost Done Deal, Bloomberg Analysts Argue U.Today
- Bitcoin Price Prediction as BTC Bulls Secure $26,000 Level – Is The Next Leg Up Starting? Cryptonews
- Grayscale’s ETF Ambitions Gain Momentum: SEC Steps Back, But Will Bitcoin Price Rocket to the Moon? CryptoTicker.io – Bitcoin Price, Ethereum Price & Crypto News
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Tag Archives: Grayscale
This Week on Crypto Twitter: Grayscale Wins Against SEC, SEC Delays ETF Applications – Decrypt
- This Week on Crypto Twitter: Grayscale Wins Against SEC, SEC Delays ETF Applications Decrypt
- SEC delays BTC ETF decision, Grayscale triumphs over SEC and BitBoy gets the boot: Hodler’s Digest, Aug. 27 – Sept. 2 Cointelegraph
- JPMorgan analysts predict SEC will approve multiple spot bitcoin ETFs following Grayscale’s legal victory – Cryptopolitan Cryptopolitan
- Grayscale’s Victory Against SEC a ‘Major Win’ for Crypto: Grayscale Chief Legal Officer CoinDesk
- This Week in Coins: Bitcoin and Ethereum Unmoved in Slow Market Week Decrypt
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Bitcoin falls after Fed chair testimony and Grayscale takes SEC to court over ETF: CNBC Crypto World – CNBC Television
- Bitcoin falls after Fed chair testimony and Grayscale takes SEC to court over ETF: CNBC Crypto World CNBC Television
- 21.co CEO Sees ‘No Material’ Impact on Bitcoin Following Silvergate’s SEN Platform Closure CoinDesk
- 21.co CEO Sees ‘No Material’ Impact on Bitcoin Following Silvergate’s SEN Platform Closure Yahoo Finance
- 21.co CEO on Macroeconomic Impact on Bitcoin | Video CoinDesk
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Grayscale Replies to SEC, Argues That Bitcoin (BTC) Spot ETF Denial Is Illogical
Crypto hedge fund Grayscale is telling the U.S. Securities and Exchange Commission (SEC) that its denial of Bitcoin (BTC) exchange-traded funds (ETFs) is “illogical.”
Replying to a brief filed by the SEC last month, Grayscale says that converting the Grayscale Bitcoin Trust (GBTC) into a spot BTC ETF would greatly benefit traders by unlocking value and increasing investor protections.
“For more than 850,000 investors, converting GBTC to a spot Bitcoin ETF would unlock over $4 billion of value by providing the regulatory relief necessary for the product to simultaneously create and redeem shares, thereby enabling arbitrage to address both premiums and discounts of the shares as compared to net asset value.
This conversion would also subject trading in GBTC to heightened regulatory standards and enhance investor protections. The SEC’s reluctance to further bring Bitcoin into the regulatory perimeter through a spot Bitcoin ETF has prevented US investors from gaining the Bitcoin investment exposure they both want and deserve.”
Grayscale first sued the SEC in June 2022. In an October 2022 filing, the firm alleged that the regulatory agency was displaying bias when it rejected the hedge fund’s bid for a Bitcoin ETF in June.
In the lawsuit, Grayscale claims that the SEC’s approval of other BTC-related products, such as its approval of a BTC futures ETF on the Chicago Mercantile Exchange (CME), is inconsistent with its rejection of Bitcoin ETFs.
In the official court filing, Grayscale refers to the SEC’s decision to grant a futures BTC ETF on CME based on its level of security as “illogical” because the same type of security would be needed to operate a BTC ETF.
“The Order in this case is arbitrary to its core. Its central premise – that the Exchange’s surveillance-sharing agreement with the CME provides adequate protection against fraud and manipulation in the Bitcoin futures market but not the spot Bitcoin market – is illogical.
Any fraud or manipulation in the spot market would necessarily affect the price of Bitcoin futures, thereby affecting the net asset value of an ETP [exchang-traded product] holding either spot Bitcoin or Bitcoin futures as well as the price investors pay for such an ETP’s shares.”
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‘Investing in crypto is now something thematic’: Grayscale CEO
Bitcoin (BTC-USD) smashed its previous all-time high of just under $65,000 on Wednesday — just a day after the launch of ProShares’ Bitcoin Strategy ETF (BITO) on Tuesday, Oct. 19. In light of these developments surrounding bitcoin, Grayscale CEO Michael Sonnenshein believes that investment in crypto shows no signs of stopping.
“Well, the asset class is here to stay, and investors have a general appreciation of that. Investing in crypto is now something thematic, right?” Sonnenshein said. “Investors have historically gained exposure to energy or health care or tech. Now crypto occupies a sleeve of that portfolio. So amongst that, as a theme for investors, there’s never been a stronger desire to diversify.”
After bitcoin surpassed $64,000 on Wednesday, the first time since April, the flagship cryptocurrency has seemingly found support well above the $60,000 resistance level. Bitcoin is now positioned to continue its rally amid surging ETF trading volume.
Sonnenshein joined Yahoo Finance Live to discuss the first bitcoin futures ETF as well as the outlook for cryptocurrencies. Grayscale, a digital asset management company with over $52 billion in assets under management, provides market insight and investment exposure to the crypto space.
And with regulation still a looming issue for crypto markets, Sonnenshein said that the main concern for the SEC regarding cryptocurrencies over the past several years has been a matter of pricing.
“[The SEC has] expressed concerns about manipulation in the underlying bitcoin market price, whether or not there are significant regulated markets that they can surveil, right? These are the types of protections and tools that the SEC, as a regulator, is typically used to seeing,” Sonnenshein said.
If bitcoin futures do succeed in quelling the aforementioned pricing concerns of the SEC, Sonnenshein believes, it would “clear the way” for cryptocurrency futures-based products in the market. According to him, such a development may also suggest that the SEC is growing more “comfortable” with the underlying bitcoin spot market.
Grayscale crypto ETFs
Grayscale and the New York Stock Exchange filed to convert the world’s largest bitcoin fund, the Grayscale Bitcoin Trust (GBTC), into an ETF on Tuesday. The company also manages its Grayscale Ethereum Trust (ETHE), among other investment products.
According to Sonnenshein, Grayscale has been proactive in its efforts over the past several years in working with regulators and industry partners to facilitate the launch of a Grayscale bitcoin ETF.
“We’ve been waiting for our regulators to have the comfort they need to allow these products into the market,” Sonnenshein said. “And now that we believe they have the requisite comfort that they need, it’s now time to not only open the door to futures-based bitcoin products, but also physically backed products.”
He also described the trend of emerging new products for investors to broaden and diversify their exposure in the crypto space as being one that shows “no signs of slowing down.”
“And so as we think about what investors want, clearly the success of GBTC has really shown that investors are looking for that exposure in a physically backed or spot-based product,” Sonnenshein said. “And we anticipate working, again, proactively with the SEC to make that conversion to an ETF and uplisting to the New York Stock Exchange.”
Thomas Hum is a writer at Yahoo Finance. Follow him on Twitter @thomashumTV
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US Senator Invests in Bitcoin and Ethereum via Grayscale – News Bitcoin News
U.S. Senator Patrick Toomey has declared investments in Grayscale’s bitcoin and ethereum trusts. His declaration shortly followed one by fellow congressman, U.S. Representative Barry Moore, who declared that he had invested in dogecoin, ether, and cardano.
Senator Pat Toomey’s Cryptocurrency Investments
A growing number of U.S. lawmakers are investing in cryptocurrencies or crypto-related investments. According to a Periodic Transaction Report filed on July 7, U.S. Senator Patrick Toomey from Pennsylvania declared two personal cryptocurrency investments, each worth between $1,000 and $15,000. One was in Grayscale Bitcoin Trust (GBTC) and the other in Grayscale Ethereum Trust (ETHE).
The senator’s investments have decreased in value since his purchases. He invested in Grayscale Bitcoin Trust (GBTC) on June 15 when the price was around $33.23. At the time of writing, it has fallen to $27.65. As for his investment in Grayscale Ethereum Trust, the price was $24.45 on June 14 when bought it but has since dropped to $20.41 at the time of writing.
Toomey has recently voiced concerns about crypto regulation. A few days before investing in Grayscale’s bitcoin and ethereum trusts, the senator wrote a letter to Treasury Secretary Janet Yellen urging the Treasury Department to “make significant revisions” to the crypto proposals by the Financial Crimes Enforcement Network (FinCEN). He believes that if the current proposals are adopted, “they would have a detrimental impact on financial technology (fintech), the fundamental privacy of Americans, and efforts to combat illicit activity.” He also raised concerns about FATF’s guidance.
The lawmaker from Pennsylvania is not the only U.S. senator with a bitcoin-related investment. The outspoken pro-bitcoin U.S. Senator Cynthia Lummis from Wyoming owns about five bitcoins. She encouraged “people to buy and hold” BTC. “I encourage them to save bitcoin for their retirement, for their future.”
Recently, U.S. Representative Barry Moore from Alabama also declared his cryptocurrency investments. He bought dogecoin (DOGE), ether (ETH), and cardano (ADA).
What do you think about Senator Pat Toomey investing in bitcoin and ether through Grayscale’s trusts? Let us know in the comments section below.
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