In the next few days or weeks, SEC is set to announce the approval or rejection of a spot Bitcoin ETF. SEC has until 6th of July to make this announcement.
In the mean time, Grayscale has hired a top lawyer as they try to ramp up pressure on its approval. This is going to be a long drawn and costly battle that SEC is going to undertake if the application gets rejected. My popcorns are ready.
Separately, Grayscale has also rallied on public support to send letters thousands of letters to the regulator to seek for an approval.
At the moment, GBTC is trading at nearly 30% discount to the NAV of the fund. Millions of dollars of retirement funds will be unlocked immediately if the approval goes through.
What do you guys think? Will a spot Bitcoin ETF get approved or rejected?
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