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Grayscale CEO Michael Sonnenshein provided an assessment of recent developments, including the SEC lawsuit, in an interview with Bloomberg on Wednesday. Sonnenshein stated that it is still unclear whether Grayscale should reapply for the Spot Bitcoin ETF with the SEC, following the company’s victory in the SEC case.
Grayscale’s Impact on the Markets
Grayscale’s win in the SEC case had a strong impact on the markets. The cryptocurrency market experienced a rapid surge immediately after the announcement, and the leading cryptocurrency Bitcoin (BTC) managed to surpass the $28,000 price level on Tuesday. Most altcoins in the cryptocurrency market recorded significant value increases due to the market’s upward trend.
Furthermore, the impact of Grayscale’s case extended beyond the cryptocurrency market. Shares of Coinbase Global Inc (COIN) saw a 15% increase and surpassed the $85 level on Tuesday. GBTC shares also initially experienced a rise of over 15% following the court’s decision, but within the past 24 hours, they have experienced an average 4% decline.
After the surge recorded on Tuesday, the cryptocurrency market experienced a decline once again. BTC, which rose to levels around $28,000 during the week, dropped to $27,200. The total market capitalization of the cryptocurrency industry retreated to $1.08 trillion, according to CoinMarketCap data.
Will Grayscale Renew Their ETF Application?
Grayscale CEO Michael Sonnenshein made important statements following the court’s decision in an interview with Bloomberg. Sonnenshein stated that it is still unclear whether the company will reapply for the Spot Bitcoin ETF with the SEC and used the phrase “We will need to see the final operational procedures that will come with the court’s final order.”
Furthermore, Bernstein, an asset management company, provided an assessment of Grayscale’s victory in a report published during the week, drawing attention to the possible effects of the Grayscale case on the markets. Bernstein analysts claimed that this court decision increased the likelihood of approval for their Spot Bitcoin ETF applications by the SEC.
