A U.S. court ordered the SEC to 'vacate' its rejection of Grayscale's bid to convert its Bitcoin Trust into an ETF.
its discount to net asset value from 25% to 17% as traders place bets that the ruling could pave the way for an ETF conversion that would entirely eliminate the discount.
"The Securities and Exchange Commission recently approved the trading of two bitcoin futures funds on national exchanges but denied approval of Grayscale’s bitcoin fund," said Rao."Petitioning for review of the Commission’s denial order, Grayscale maintains its proposed bitcoin exchange-traded product is materially similar to the bitcoin futures exchange-traded products and should have been approved to trade on NYSE Arca. We agree.
Altcoins are posting sizable gains as well, among them ether , cardano , dogecoin and solana all ahead by roughly 5%.
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