– The SEC must appeal Grayscale’s court win by Oct. 13 or review the fund manager’s application for a spot Bitcoin fund.
– Analysts believe an appeal is unlikely, but the SEC could still find ways to delay approval of Grayscale’s spot Bitcoin ETF conversion.
– Law firm Ropes & Gray suggests that the SEC could send the GBTC application back for review, giving them another chance to reject it on different grounds.
– Another potential delay scenario is if the New York Stock Exchange has to make a new filing to list GBTC, which could result in an eight-month decision-making process.
– Currently, there are seven spot Bitcoin ETF applications awaiting approval from the SEC, with final approval deadlines set for around March 2024 or later.
– If the SEC approves Grayscale’s application, it may be difficult for them to reject other similar applications.
– Bloomberg analysts estimate a 75% likelihood of an approved spot Bitcoin ETF this year, increasing to 95% by the end of 2024.
