Share this article
Grayscale Victory Against SEC Clears Path for Spot Bitcoin ETFs: Bernstein
The ruling increases the likelihood the SEC might approve all bitcoin spot ETF applications together, the report said.
Updated Aug 30, 2023, 3:04 p.m. Published Aug 30, 2023, 10:20 a.m.
Make us preferred on Google
Grayscale, the manager of the Grayscale Bitcoin Trust (GBTC), has secured a second landmark win for the crypto industry against the U.S. Securities and Exchange Commission (SEC), following Ripple’s favorable ruling last month, broker Bernstein said in a research report Tuesday.
A federal court ruled on Tuesday that the SEC must review its rejection of Grayscale’s attempt to convert the GBTC into an exchange-traded fund (ETF).
STORY CONTINUES BELOW
The ruling “likely clears the path for a spot bitcoin ETF,” and increases the chances that the SEC might approve all the current applications together, analysts led by Gautam Chhugani wrote.
ETFs are traded on an exchange, much like equities, and track the performance of an underlying asset. Their popularity has been growing because they allow market participants to invest in crypto without having to purchase the underlying digital assets themselves.
The court’s decision does not allow for the GBTC product to be converted into an ETF immediately, “but gives a fair basis for Grayscale to be treated in line with other Bitcoin ETF applicants,” the report said.
Likely dates for approval start next week for the first review, and continue into early 2024 for the final SEC review, the note said.
Bernstein previously said that it expects a spot bitcoin ETF market to be sizable, reaching 10% of bitcoin’s market cap in two to three years.
CoinDesk’s parent company, Digital Currency Group, owns Grayscale.
Read more: SEC Likely to Approve Several Spot ETFs, Sparking Next Bitcoin Rally: Matrixport
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Ukraine banned Polymarket and there’s no legal way for it to come back
Polymarket and similar platforms are considered unlicensed gambling operators, leading to blocked access.
What to know:
- Ukraine has no legal framework for Web3 prediction markets, and current legislation provides no recognition for such platforms.
- Polymarket and similar platforms are considered unlicensed gambling operators, leading to blocked access.
- Legal changes are unlikely in the near future, as Parliamentary revisions to gambling definitions are extremely improbable during wartime, leaving prediction markets in a legal deadlock.
Top Stories
