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November 13, 2023
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Grayscale CEO hints at bitcoin ETF approval, 'We're ready for the
main event'

As Grayscale seeks approval to convert its bitcoin trust into a spot
ETF, the product's discount is shrinking rapidly.

  * Author:
    Peter Chawaga
  * Updated:
    Nov 13, 2023 9:20 AM EST
    Original:
    Nov 13, 2023

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Grayscale CEO Michael Sonnenshein seemed to hint at the likelihood
that the firm's bitcoin trust product will soon receive approval to
convert into a spot bitcoin exchange-traded fund (ETF) as he tweeted
"It's been a ten year dress rehearsal. We're ready for the main
event" this morning.

The Grayscale Bitcoin Trust (GBTC) was launched in September 2013,
just over 10 years ago.

Perspective: Enthusiasm around a number of potential spot bitcoin ETF
products has been driving a rally in crypto prices, and the potential
for a successful conversion for GBTC seems to be boosting that
product in particular.

As of the time of this writing, GBTC's discount to its net asset
value (NAV) is sitting at -10.35%, its best performance since July
2021.

More details: Optimism about the conversion was buoyed after a court
of appeals ordered the U.S. Securities and Exchange Commission (SEC)
to review Grayscale's application after the regulator was sued for
previous denial.

"While the SEC could still reject Grayscale's application, it would
need to find new grounds for doing so, its previous justification --
that the futures bitcoin market is not closely connected enough to
the spot market -- having been deemed insufficient," Decrypt reported.

Key takeaways: Though Sonnenshein's tweet was cryptic, the market is
ravenous for progress toward the launch of a spot bitcoin ETF. A
falsified rumor that BlackRock's application for such an ETF had been
approved immediately drove the bitcoin price to a local high last
month. And as an approval window for several applications opened last
week, the bitcoin price surged to $37,000.

"It's the final countdown," as Eric Balchunas, a senior ETF analyst
with Bloomberg who has become a leading voice around bitcoin ETF
approval, responded to Sonnenshein.

The context: The GBTC discount has been steadily closing this year as
the firm appears to be inching toward conversion to a spot ETF. With
the SEC running out of credible reasons to deny such a product,
Sonnenshein may have a good reason to think the main event is indeed
around the corner.

Bitcoin-SEC

Court rules in favor of Grayscale over SEC, raising hopes for bitcoin
ETF approval

Read More
Bitcoin-SEC

Court rules in favor of Grayscale over SEC, raising hopes for bitcoin
ETF approval

Read More

The content of this article is not meant to constitute financial
advice.

Peter Chawaga
By
Peter Chawaga

Peter Chawaga is the editor of TheStreetCrypto. He has been a
professional news writer and editor for more than 10 years, focused
on covering the crypto space since 2017.

Follow PeterChawaga

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