Grayscale ETF ruling comes into effect; Bitcoin experiences 7.6% daily gains Grayscale ETF ruling comes into effect; Bitcoin experiences 7.6% daily gains
GBTC, the subject of the ruling, gained nearly 6% over 24 hours.
2 min read
Updated: Oct. 25, 2023 at 1:48 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Courts issued a new mandate concerning Grayscale’s spot Bitcoin ETF proposal on Oct. 23, followed by gains across multiple markets.
Grayscale aims to convert its GBTC fund to a spot Bitcoin exchange-traded fund (ETF). Courts issued a judgment compelling the U.S. Securities and Exchange Commission (SEC) to review the relevant proposal on Aug. 29. The matter attracted attention again this week as courts issued a formal mandate that further compels a review.
The latest mandate has coincided with growth among multiple assets. Grayscale Bitcoin Trust (GBTC) — the subject of the above proceedings — is up 5.9% today.
The crypto market, meanwhile, has seen broader gains. Bitcoin (BTC) gained 7.6% in the 24-hour period ending 10 p.m. UTC on Aug 24. Bitcoin outperformed Ethereum (ETH), up 3.9% over the same time period, and the entire crypto market, up 5.4%.
Coinbase stock (COIN), meanwhile, gained 6.3%. Those gains may in part be attributed to a filing deadline in the company’s own legal case with the SEC or other broader developments concerning the crypto exchange. However, it should be noted that Coinbase is expected to take part in surveillance-sharing agreements for various planned ETFs, including BlackRock’s but excluding Grayscale’s proposed fund.
ETF approval is far from guaranteed
Recent spot Bitcoin ETFs are largely seen as promising due to Grayscale’s court victory, BlackRock’s pursuit of its own fund, and Coinbase’s potential role in some ETFs.
However, despite that general optimism, the SEC has not approved any such fund to date, and there are causes for doubt. First, the above filing concerning Grayscale compels the SEC to review, but not necessarily approve, the company’s proposal.
Elsewhere, reports of apparent progress on BlackRock’s ETF appear to be premature. The ticker for BlackRock’s planned ETF recently appeared on the Depository Trust & Clearing Corporation’s (DTCC) website. Though that seemed to mark a step forward for the fund, the ticker later disappeared from listings.
One former SEC attorney — though no longer involved in the agency — has also suggested to Bloomberg that approval of a spot Bitcoin ETF is not a given.
Bitcoin Market Data
At the time of press 1:48 am UTC on Oct. 25, 2023, Bitcoin is ranked #1 by market cap and the price is up 0.97% over the past 24 hours. Bitcoin has a market capitalization of $660.78 billion with a 24-hour trading volume of $43.75 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 1:48 am UTC on Oct. 25, 2023, the total crypto market is valued at at $1.25 trillion with a 24-hour volume of $81.05 billion. Bitcoin dominance is currently at 52.99%. Learn more about the crypto market ›
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Author 
Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.