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According to Bloomberg ETF Senior Analyst Erik Balciunas, investment management company BlackRock has a 50% chance of earning its spot bitcoin (BTC) exchange-traded fund (ETF) credit.
Balchunas’ prediction came after Elliott Stein, senior litigation analyst at Bloomberg Intelligence, cautioned that Grayscale now has a 70% chance of winning right against the SEC.
Another reason we give spot bitcoin ETF approval 50% chance is our senior legal analyst @NYCStein gives Grayscale a 70% chance of winning case against SEC, who could approve BlackRock’s ETF as way to save face using trusted ‘adult’ TradFi cos & stick it to Grayscale via @JSeyff pic.twitter.com/pHydOcpuQo
— Eric Balchunas (@EricBalchunas) June 27, 2023
Balciunas explained that the SEC could more graciously put itself on the BlackRock ETF as a way to “save the guise”, allowing the ETF to be a “greater” company TradFi instead of Grayscale.
Quite frankly, like Grayscale upset the decision of the Commission of the United States Stock Exchange on the financial papers of rehab її application in black 2022, the offending parties filed back the court documents for an addendum to the hearings, heard by three judges of the federal appellate Court of the United States 7 Bereznya.
“In our opinion, Grayscale has a 70% chance of winning poses against the SEC if the company plans to turn the Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF.”
Stein added that Grayscale’s chances grew by 40% after the arguments of the parties were completed, to that “all three judges at the collegium, it seems, were on the Grayscale bots”, walking from their “lines to finish”, Stein said.
Stein said that Bloomberg beware that the whiskers will be crushed to a sickle.
Applications for Bitcoin ETFs were the focus of the gallery for the rest of the hour: Fidelity, Invesco, Wisdom Tree and Valkyrie followed $10 trillion US asset management company BlackRock to check to the SEC.
As the SEC is allowed to praise applications from companies such as JPMorgan, Morgan Stanley, Goldman Sachs, BNY Mellon and Bank of America, as they claim to promote such services, the digital asset market will rely on a surge of companies with total assets under management by 27 trillion dollars (AUM) .
1/ last week’s @blackrock spot Bitcoin ETF filing was big news!
but, it’s not the only story. many of the largest financial institutions in the US are actively working to provide access to Bitcoin and more.
a quick glance – $27 trillion of client assets here! pic.twitter.com/azmHZmUL2a
— Meltem Demirors (@Melt_Dem) June 26, 2023
Behind the topic: Companies that value assets for 27 ths. US dollars, wincoin cryptocurrency: CoinShares CSO
While the decision is clear with Grayscale, behind Google Finance data, in 2023 GBTC rose by more low by 134% to $19.47, which is the highest price around 13 May 2022.
In addition, the discount in the price of GBTC shares in the first quarter of net assets fell to 31% at 26 chern, the lowest since 12 September of the past year, in line with the YCharts tribute. The lower discount rate on the trust means that the mood of investors about the product can become more positive.
However, as in most of the cryptocurrency market, GBTC fell by more than 65% from the highest hourly price of $56.70.