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ETF decision:

July 1

*Update* Unfortunately the Greyscale ETF was rejected. An hour after the rejection, Greyscale formally sued the SEC.

A decision is due on changing the Greyscale Bitcoin Trust into an ETF. The Greyscale Bitcoin Trust currently has roughly 3.5% of the total Bitcoin supply, so changing it into a physically backed (spot) ETF would see it instantly become on of the top 50 ETFs by assets. Transitioning to an ETF would dramatically lower fees and improve liquidity for investors. Having offered a Bitcoin product under regulatory scrutiny and demonstrated protection of investors funds, there is a small chance Greyscale has an advantage over applications to create new products. An ETF would offer better value and greater protection for investors, as the SEC would have greater oversight – which are part of its core goals.

There have been a string of rejections by the SEC for spot Bitcoin ETFs and it is likely the regulatory environment will have to change before one is approved. Regardless, with each application there is increased pressure on the SEC and interest from financial institutions. Typically an announcement regarding denial or delaying the decision is made before the actual due date. This date is just the latest the SEC can make an announcement. If it is approved, there normally isn’t any announcement until the product is ready to be released – no news by this date would be good news.

More information regarding Bitcoin ETFs can be found here.

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