Grayscale Investments Inc. won a major victory after US regulators settled a case this week concerning the company’s right to convert its investment fund – backed by Bitcoin – to a spot Bitcoin exchange traded fund.
The average size of Bitcoin trades hit its highest point since June this week, a sign of renewed investor confidence spurred on by the SEC’s latest ruling on Grayscale. Analysts suggest the surge in interest will ultimately benefit the wider crypto market.
Investors in Grayscale Bitcoin Trust who bought in during December’s dip are up 137%, according to a new report. The significant return on BTC investments has many investors taking a closer look at the cryptocurrency.
Cryptocurrency markets have erased the positive gains they saw on Monday, as Bitcoin’s price has dropped to $26,300 from its daily high due to bearish market sentiment.
Grayscale Investments’ victory in pending litigation against the state of Arizona has sparked a flurry of trading activity in the Grayscale Bitcoin Trust (GBTC). Investors have started to speculate on the shrinking premium of GBTC stock against bitcoin prices.
After peaking at $43k, Bitcoin has lost $1k in a week as Grayscale redeemed $800m worth of BTC. Solana quickly retraced 4% in the same period, continuing a volatile period for the cryptocurrency markets.
Barry Silbert, CEO of Digital Currency Group and Grayscale Investments, recently dropped some hints about a timeline for a potential Bitcoin exchange-traded fund (ETF). In a recent interview he suggested that a decision may be on the horizon.
Bitcoin Cash saw a jump of 17% on Tuesday, after Grayscale Investments won its case against the US Securities and Exchange Commission (SEC) over their Bitcoin ETF application.
Grayscale’s Bitcoin Discount has dropped to its lowest point in 18 months, driven downwards by the SEC’s recent court win. Analysts have hailed this as a major victory which will propel the digital asset’s growth.
Grayscale, the world’s largest digital asset manager, is now one step closer to launching a Bitcoin spot exchange-traded fund (ETF) after its application was allowed to progress by the SEC. With a new roadmap for success, its Bitcoin-backed ETF could be on the way soon.