Bitcoin’s recent price movements have been a real rollercoaster, leaving many investors uncertain about its direction. First, exciting news about the alleged approval of a BlackRock Spot ETF by the SEC sent Bitcoin soaring to $30,000.
But this newfound optimism was short-lived as it turned out to be a false alarm, causing Bitcoin to drop back to its previous levels.
According to Craig Salm, the Chief Legal Officer at Grayscale Investments, a spot Bitcoin exchange-traded fund (ETF) is now just a matter of “when,” not “if.” Salm shared his positive outlook during a recent SiriusXM radio broadcast.
This positive outlook follows the SEC’s decision not to contest a court ruling made in August. The ruling directed the SEC to reconsider Grayscale’s request to transform its flagship GBTC fund into a spot Bitcoin ETF. Grayscale Investments has been actively involved in discussions and initiatives surrounding this significant development.
Salm expressed, “The fact that we have two bills making it through committee going to the House floor is an amazing amount of progress in D.C. that we have not seen in the crypto space today,” as reported by Blockworks.
While the debate over spot ETFs continues, Grayscale is actively expanding its presence in the cryptocurrency market. Their Grayscale Ethereum Trust, traded under the ticker ETHE, currently manages an impressive $5 billion in assets under management (AUM). This trust constitutes more than 2% of Ethereum’s circulating supply at the time of this report.
In addition to their existing offerings, Grayscale has submitted an application for a new Grayscale Ethereum futures ETF.
The playfield is now crowded
In the pursuit of a spot Bitcoin ETF, Grayscale is not alone. Several contenders, including BlackRock, Fidelity, Bitwise, Invesco, WisdomTree, VanEck, Valkyrie, Global X, 21Shares, and Ark Invest, have entered the scene.
Currently, the SEC is diligently reviewing all these proposals, suggesting that the future of a Bitcoin spot ETF may be closer than we think.
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