Grayscale Investments LLC Chief Executive Officer Michael Sonnenshein isn’t sure yet whether the firm needs to refile an application with the SEC to offer an ETF that invests directly in Bitcoin after winning a key dispute with the regulator.
“We will have to see upon the final operational procedures that come through that final mandate that the court will issue,” Sonnenshein said Wednesday on Bloomberg Television. “We don’t know what the final opinion will say until we reach the end of that period,” which is 45 days from the ruling, he said.
Although Tuesday’s ruling is seen by many observers as a stinging rebuke to the SEC, it does not yet mean that a Bitcoin ETF is guaranteed to launch. The regulator said it is reviewing the decision, and Grayscale itself said it was reviewing the details outlined in the opinion and would be sharing more information on the conversion process “as soon as practicable.”
Shares of GBTC rallied 17% on Tuesday, outpacing gains posted by Bitcoin, which rose 6%. Still, it dropped more than 4% on Wednesday and its discount to its underlying holdings stands at around 18%, data compiled by Bloomberg show. “The discount shows that the market is more confident in conversion today than they were a few days ago, but still not completely confident that GBTC will convert,” he said. “It’s not illogical considering the animus that Gensler and the SEC have shown towards crypto more broadly,” he said, referring to SEC Chair Gary Gensler.
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