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<p class="is-style-lead">With many analysts speculating the outcomes of the Spot Bitcoin ETF race, partner at CEHV, Adam Cochran, shares his perspective in a Nov. 8 post on X.</p> 
<p>From Cochran’s perspective, while odds are good for other ETFs, the Digital Currency Group (DCG) and more specifically the asset management unit Grayscale, may be have a tough road ahead.</p> 
<h2 class="wp-block-heading" id="effects-of-genesis-downfall">Effects of Genesis’ downfall</h2> 
<p>Cochran suggests that DCG CEO Barry Silbert’s situation comes as a result of the Genesis shutdown, the absence of updates regarding GBTC conversion following a court case, the lack of price arbitrage opportunities on smaller trusts, ongoing discussions surrounding a potential fraud investigation, and the ongoing legal case with Gemini, all contributing to an atmosphere of uncertainty and concern.</p> 
<p> You might also like: <a href="http://https://crypto.news/u-s-sec-reviewing-blackrock-bitcoin-etf-application-polkadot-cosmos-and-new-coin-may-soar-on-approval/"> U.S. SEC reviewing BlackRock Bitcoin ETF application; Polkadot, Cosmos, and new coin may soar on approval </a> </p> 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"> <iframe title="Crypto broker Genesis files for Chapter 11 bankruptcy" width="1020" height="574" src="https://www.youtube.com/embed/ou9qoGr1dbE?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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<p>In a follow-up post in his thread, Cochran goes on to share that although there remains the possibility of obtaining a GBTC conversion, the likelihood of GBTC gaining approval does not necessarily insulate Silbert and Grayscale from broader challenges.&nbsp;</p> 
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">1/5<br><br>While odds are *really* good for other ETFs, I think Barry Shillbert might be cooked.<br><br>-Genesis shutdown<br>-No update on GBTC conversion after court case<br>-No price arb on the smaller trusts<br>-On going talk of fraud investigation<br>-Case with Gemini <a href="https://t.co/cIkYOnIzTb" target="_blank">pic.twitter.com/cIkYOnIzTb</a></p>— Adam Cochran (adamscochran.eth) (@adamscochran) <a href="https://twitter.com/adamscochran/status/1722277545763377522?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 8, 2023</a>
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  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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<p>Cochran ends the thread questioning whether the 10% discount offered is worth the decision to refrain from holding direct BTC while awaiting BlackRock’s potential approval.</p> 
<h2 class="wp-block-heading" id="continuing-the-race">Continuing the race</h2> 
<p>Days earlier, Co-founder of Valkyrie Investments Steven McClurg shared that the SEC is in a position to&nbsp;<a href="https://crypto.news/valkyries-mcclurg-expects-spot-bitcoin-etf-approval-in-november-2023/" target="_blank" rel="noreferrer noopener">grant approval</a>&nbsp;to several spot Bitcoin ETF applications in November 2023.</p> 
<p>In the evaluation, McClurg notes that companies have effectively addressed the concerns related to market manipulation that had been raised by the regulator. Therefore, while the SEC may issue another round of comments to the entities that submitted ETF applications in the coming one to three weeks, an approval of 19b-4 rule changes is likely shortly after.</p> 
<p> Read more: <a href="https://crypto.news/hong-kong-to-allow-retail-investors-to-participate-in-spot-etfs/"> Hong Kong to allow retail investors to participate in spot ETFs </a> </p>

CEHV partner suggests uncertain times ahead amid Genesis shutdown

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