United

Bitcoin ETF

Bitcoin

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Grayscale Investments shocked the crypto ecosystem on Tuesday, Dec. 26, when Barry Silbert, the company’s chairman,&nbsp;<a href="https://u.today/crypto-king-barry-silbert-steps-down-from-grayscales-board" rel="noopener noreferrer nofollow">stepped down</a> from the Board of Directors. While this dramatic change is coming at a crucial time for the firm, top market investor and CEO of Lumida Wealth Management Ram Ahluwalia&nbsp;<a href="https://twitter.com/ramahluwalia/status/1739662164313473303" rel="noopener noreferrer nofollow">believes</a> this move might have just increased the chances of Grayscale Investments getting its application to convert its flagship Bitcoin Trust into a spot Bitcoin Exchange Traded Fund (ETF).
To Ahluwalia, Barry Silbert’s resignation gives Grayscale greater autonomy that might also enhance the confidence of the United States Securities and Exchange Commission (SEC) as it commences its final review of the many spot Bitcoin ETF applications on its desk.
Barry Silbert’s presence in the company might have complicated issues considering he is undergoing a series of investigations for his role in the implosion of Genesis Global for failing to disclose the health status of the parent company, the Digital Currency Group (DCG).
Ahluwalia believes that with the stepping down of Barry Silbert and the confidence in Michael Sonneshein, the odds of approval of the spot Bitcoin ETF application from Grayscale Investments are higher.
<blockquote>
 Barry's resignation was <a href="https://twitter.com/Sonnenshein?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Sonnenshein</a>'s X-Mas gift.What to make of <a href="https://twitter.com/bsilbert?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@bsilbert</a> resigning from Grayscale?Grayscale has had 9 meetings with the SEC per the table below (h/t <a href="https://twitter.com/JSeyff?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@JSeyff</a>)Today, there are only allegations against DCG which have not been resolved in a court of law.… <a href="https://t.co/d7tZFFAOoU" rel="noopener noreferrer nofollow">https://t.co/d7tZFFAOoU</a> <a href="https://t.co/NjjdWq0F3a" rel="noopener noreferrer nofollow">pic.twitter.com/NjjdWq0F3a</a>— Ram Ahluwalia CFA, Lumida (@ramahluwalia) <a href="https://twitter.com/ramahluwalia/status/1739662164313473303?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 26, 2023</a>
</blockquote>
<h2 id="grayscale-made-the-right-concessions">Grayscale made the right concessions</h2>
In a bid to enhance its chances of achieving approval in the first wave of applications that will be considered, Grayscale Investments has amended its S-3 filing with the SEC, detailing its readiness to embrace the recommended "Cash Creates" redemption model from the markets regulator.
As&nbsp;<a href="https://u.today/bitcoin-etf-amendment-deadline-reportedly-set-is-us-sec-ready-to-grant-approval-now" rel="noopener noreferrer nofollow">reported</a> earlier, the SEC gave a Dec. 29 deadline to every Bitcoin ETF applicant who wishes to be considered in the first wave of approvals&nbsp;<a href="https://u.today/bitcoin-etf-approval-sec-signals-green-light-by-january-10-according-to-fox" rel="noopener noreferrer nofollow">projected to be in January</a>. Per the update, the SEC reportedly made its position clear that the in-kind redemption model prioritizing Bitcoin may not be approved, thus triggering the unprecedented change in stance from Grayscale Investments.

Grayscale: Shocking Bitcoin ETF Prediction Shared by Top Investor

Table of Contents

U_Today

Other articles published on Dec 27, 2023

Monopoly Finance Announces Mono Coin Launch on January 24th

BakeryToken Analysis: Will Bake Smash the $1 Mark This Month?

Vitalik Buterin pitches 3 pathways to simplify Ethereum’s PoS model

Belum Padam, Bull Berpotensi Angkat Harga BNB ke US$300 Karena Pondasi Teknikal Ini

OpenAI and Microsoft Face New York Times Lawsuit Over Use of AI-Generated Content

Elon Musk’s Cryptic Tweet Triggered SHIB, DOGE, and XRP Fans

Join our free newsletter for daily crypto updates!