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Bitcoin Jumps Nearly 4% as US SEC Opens Talks With Grayscale Over Spot ETF Conversion

Bitcoin is quickly approaching the $37,000 mark, having surged nearly 4% in the last 24 hours. This recent increase in Bitcoin’s value is attributed to speculation surrounding the potential conversion of spot Bitcoin ETFs, which is expected to attract significant institutional investments in the leading cryptocurrency.

According to Bloomberg ETF research analysts Eric Balchunas and James Seyffart, the SEC has an eight-day window to approve all 12 spot Bitcoin ETF applicants, with the approvals potentially starting as early as November 9th. The analysts suggest that there is a 90% likelihood of a Bitcoin spot ETF approval by January.

SEC Opens Talks with Grayscale over Spot Bitcoin ETF

The U.S. SEC has initiated talks with Grayscale Investments to explore the details of the company’s request to convert its trust product GBTC into a spot Bitcoin exchange-traded product (ETF), according to a report by CoinDesk citing a knowledgeable source.

After securing a legal victory, Grayscale has been actively communicating with the SEC’s Division of Trading and Markets as well as the Division of Corporation Finance. These divisions are expected to have significant involvement in shaping and ultimately approving Grayscale’s ETF application.

Grayscale has maintained a long-standing relationship with the SEC, primarily due to its existing Grayscale Bitcoin Trust (GBTC). However, when the company attempted to launch an ETF directly holding cryptocurrency assets, the SEC initially denied the request.

This decision triggered a legal dispute that culminated in a federal court panel ruling, which found the SEC’s rejection to be “arbitrary and capricious.” Consequently, the court ordered the agency to withdraw its denial. This court ruling was recently finalized just last month, effectively returning Grayscale’s ETF application to the regulatory spotlight.

As of the current moment, Bitcoin is trading at a value exceeding $36,600, marking an almost 4% increase in the last 24 hours, according to CoinMarketCap.

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