According to analysts, the Grayscale Bitcoin ETF decision could be made this week
The forthcoming Grayscale judgement may have an effect on the competition to launch a spot Bitcoin ETF.
By the weekend, Grayscale Investments may know the outcome of its case against the federal securities commission, in which it seeks approval to transform its Bitcoin trust into a spot Bitcoin exchange-traded fund.
As Van Buren Capital managing partner Scott Johnsson pointed out in a tweet on August 11th, legal clerks in U.S. District Courts often cycle out in August, prompting judges to clear off the backlog “before the new guard arrives.”
Grayscale is one of the few remaining unresolved matters that were debated in March, according to Johnsson.
James Seyffart, a Bloomberg expert, says that the decision could come as soon as August 15. He says that date has been his “theoretical Grayscale lawsuit decision date” for a long time.
The U.S. Securities and Exchange Commission denied Grayscale’s request to reclassify GBTC as a spot Bitcoin ETF in June 2022.
Grayscale filed a lawsuit against the securities regulator, claiming the agency treated different investment vehicles differently.
Several experts in the field, such as Cathie Wood of ARK Invest and Nate Geraci of ETF Analysis, have predicted that Grayscale would prevail in court.
Grayscale recently suggested that the SEC grant all Bitcoin spot ETF applications at the same time to level the playing field for all companies.