United

Bitcoin

Grayscale Bitcoin Trust

James

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 <h2 id="strong-bitcoin-etf-the-grayscale-vs-sec-factor-strong"><strong>Bitcoin ETF: the Grayscale vs SEC Factor</strong></h2> 
 <p><span style="font-weight: 400">Novogratz made this statement after Bloomberg Intelligence ETF Analyst James Seyffart talked about the outcome of the lawsuit between Grayscale and the United States Securities and Exchange Commission (SEC) and what it means for the prospects of a spot <a rel="noopener noreferrer nofollow" title="Bitcoin ETF" href="https://thebittimes.com/tag/bitcoin-etf.html">Bitcoin ETF</a>.</span></p>  
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 <p><span style="font-weight: 400">After receiving a rejection from the SEC for its request to convert its Grayscale Bitcoin Trust (GBTC) to a physically backed ETF, Grayscale challenged the U.S regulator to a legal battle. In one of its hearings, the investment asset management firm argued that the decision made by the SEC was not in alignment with the previous orders regarding approving the GBTC spot <a rel="noopener noreferrer nofollow" title="Bitcoin ETF" href="https://thebittimes.com/tag/bitcoin-etf.html">Bitcoin ETF</a>.&nbsp;</span></p> 
 <p><span style="font-weight: 400">Also, the asset manager claimed that the SEC lacks sufficient reasons to reject its spot BTC ETF application, especially after Bitcoin Futures ETF had been approved.</span></p> 
 <p><span style="font-weight: 400">Many analysts and financial experts agreed that Grayscale has a very strong argument.&nbsp; They were confident enough to predict that Grayscale has a strong case, with a 70% chance of winning the lawsuit. However, the DC Court of Appeals delayed making a decision in Grayscale vs. SEC case and ended up </span><span style="font-weight: 400">postponing</span><span style="font-weight: 400"> the hearing twice.&nbsp;</span></p>  
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 <h2 id="strong-grayscale-s-eventual-win-strong"><strong>Grayscale’s Eventual Win</strong></h2>  
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 <p><span style="font-weight: 400">Earlier this week, the judge finally </span><span style="font-weight: 400">explained</span><span style="font-weight: 400"> that the SEC failed to recognize the “obvious financial and mathematical relationship between the spot and futures markets” and as such,&nbsp;“It is ordered and adjudged that Grayscale’s petition for review be granted and the Commission’s order be vacated, in accordance with the opinion of the court filed.”</span></p> 
 <p><span style="font-weight: 400">Judge Srinivasan Rao reiterated that the SEC did not provide enough reason as to why the application was rejected.&nbsp;</span></p> 
 <p><span style="font-weight: 400">While this was not a stamp that a BTC ETF is imminent, the judgement is a green light on the path of an approval and since then, several crypto players have voiced optimism towards the coming of an spot <a rel="noopener noreferrer nofollow" title="Bitcoin ETF" href="https://thebittimes.com/tag/bitcoin-etf.html">Bitcoin ETF</a> approval with <a rel="noopener noreferrer nofollow" title="Mike Novogratz" href="https://thebittimes.com/tag/mike-novogratz.html">Mike Novogratz</a> now also sharing his optimism vocally.</span></p> 
 <p><span style="font-weight: 400">The presence of top investment managers like </span><span style="font-weight: 400">BlackRock</span><span style="font-weight: 400">, Fidelity, WisdomTree in the spot <a rel="noopener noreferrer nofollow" title="Bitcoin ETF" href="https://thebittimes.com/tag/bitcoin-etf.html">Bitcoin ETF</a> race is also likely to fuel or expedite an approval soon.</span></p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/mike-novogratz-believes-bitcoin-etf-is-a-matter-of-when-not-if-tbt61266.html">https://thebittimes.com/mike-novogratz-believes-bitcoin-etf-is-a-matter-of-when-not-if-tbt61266.html</a></p>

Mike Novogratz believes Bitcoin ETF is a matter of when, not if

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