Grayscale Awaits SEC Nod for Bitcoin ETF Conversion

Grayscale CEO Michael Sonnenshein expresses readiness for a major development as the company awaits SEC approval for converting its flagship fund into a spot Bitcoin ETF. This development follows a successful lawsuit against the SEC, and industry analysts speculate that approval could be imminent, influencing a significant rise in Bitcoin's value.
Jordan Tuwiner

Jordan discovered Bitcoin in 2013 and has been helping others learn about Bitcoin since through this site, which reaches 20,000+ readers daily.

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      November 13, 2023

Grayscale Awaits SEC Nod for Bitcoin ETF Conversion

Key Takeaways

  • Grayscale CEO optimistic about SEC approval for Bitcoin ETF conversion.
  • Grayscale wins lawsuit against SEC, paving way for potential approval.
  • Anticipation of SEC's decision boosts Bitcoin's value significantly.

Introduction to Grayscale’s Ambitious Move

Grayscale CEO Michael Sonnenshein recently announced the company’s preparedness for a significant shift in its operations. This statement comes as Grayscale anticipates the U.S. Securities and Exchange Commission’s (SEC) approval to convert its primary fund into a spot Bitcoin Exchange-Traded Fund (ETF).

In a landmark decision, Grayscale triumphed over the SEC in a lawsuit concerning the conversion of its spot Bitcoin ETF. Following the court ruling, the SEC chose not to contest the decision. Consequently, the U.S. Court of Appeals mandated the SEC to reconsider Grayscale’s application. This development has led to widespread belief within the financial sector, including remarks from JPMorgan, that the SEC’s approval of Grayscale’s application is inevitable.

Window of Opportunity and Market Response

A Bloomberg ETF analyst, James Seyffart, pointed out a crucial timeframe for the SEC to approve multiple spot Bitcoin ETF filings, including Grayscale’s. This period presents a unique chance for the SEC to greenlight spot Bitcoin ETFs in 2023. While immediate approval appears uncertain, the anticipation of this event has contributed to a 122% surge in Bitcoin’s value year-to-date, further fueled by the upcoming Bitcoin halving in 2024.

A Momentous Event in the Cryptocurrency Sphere

The approval of Grayscale’s spot Bitcoin ETF by the SEC would be a milestone in the cryptocurrency world. It signifies not just a triumph for Grayscale but also a potential transformation in the way Bitcoin and other cryptocurrencies are traded and perceived in the mainstream financial market.

Article Sources

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  1. Grayscale CEO Says They're 'Ready For The Main Event', Awaiting Spot Bitcoin ETF Approval,

About the Author

jordan tuwiner

Jordan Tuwiner is the founder of He studied computer science at Towson University and holds an online degree in trading & cryptocurrency. Jordan has been writing about Bitcoin since 2015. His work has been featured in The Guardian, International Business Times, Forbes, VentureBeat, CoinDesk and many other top Bitcoin media outlets.