BlackRock has ‘50% chance’ of getting spot Bitcoin ETF approved: Analyst


28 Jun 2023 5:52 AM

BlackRock’s Bitcoin spot ETF application has a 50% chance of getting approved as the SEC looks to “save face” following an increasingly likely victory from Grayscale in their case against the regulator. ...

  • BlackRock has a 50% chance of getting its Bitcoin Exchange Traded Fund (ETF) approved, according to Bloomberg's senior ETF analyst Eric Balchunas.
  • Grayscale has a 70% chance of winning its lawsuit against the SEC over its bid to convert the Grayscale Bitcoin Trust (GBTC) to a Bitcoin ETF.
  • The SEC may be more favorable towards BlackRock's ETF filing as a way to "save face" compared to Grayscale.
  • Applications for Bitcoin ETFs have been submitted by various firms, including Fidelity, Invesco, Wisdom Tree, Valkyrie, JPMorgan, Morgan Stanley, Goldman Sachs, BNY Mellon, and Bank of America.
  • If approved, these firms would bring a combined $27 trillion in assets under management (AUM) into the digital asset market.
  • GBTC has seen a surge of over 134% in 2023, reaching its highest price since May 2022.
  • The discount rate of GBTC's share price compared to its net-asset-value has dropped to 31%, indicating a potentially more positive investor sentiment.
  • However, GBTC is still down over 65% from its all-time high price.

The sentiment in the article is mostly neutral, with discussions about the chances of approval for BlackRock's Bitcoin ETF and Grayscale's lawsuit against the SEC.

Go to publisher site

You May Ask

What are the chances of BlackRock getting its Bitcoin ETF approved?What are the chances of Grayscale winning its lawsuit against the SEC?Which other firms have submitted applications for Bitcoin ETFs?How has GBTC performed in terms of price and investor sentiment?What is the potential impact of approved Bitcoin ETFs on the digital asset market?

Suggested Reads