Following BlackRock’s ETF application, the price of BTC surged in June. However, the approval is facing a major obstacle as the SEC has been sued for not granting ETF approval. While waiting for the court’s decision, the SEC is issuing postponement orders for applications, as expected.
Grayscale Investments announced today that their ETF team is expanding due to the upcoming decision in their lawsuit against the Securities and Exchange Commission (SEC). Grayscale tweeted, “Our ETF team is hiring,” along with a pair of eyes emojis.
According to LinkedIn, two positions were recently announced to assist the ETF team: a product specialist and a senior associate. The positions received over 50 applications. The product specialist will work closely with sales, operations, marketing, and product teams to optimize the “investor experience,” with a particular focus on ETFs.
After the SEC rejected Grayscale’s request to convert the Grayscale Bitcoin Trust into a spot Bitcoin ETF, Grayscale filed a lawsuit against the country’s financial watchdog in June. Bloomberg Analyst James Seyffart stated on Monday that a decision in Grayscale’s case could be reached this week.
We will likely see ETF approvals coming as the US passes crypto laws. However, the completion of the GBTC lawsuit is necessary first. While James expects a decision this week, most experts believe it is overly optimistic. On the other hand, the Grayscale team stated with certainty that a decision will be reached in the next few months.
GBTC is an investment vehicle that allows investors to invest in Bitcoin without directly holding the asset. Unlike a spot Bitcoin ETF, which would make it easier and cheaper for institutions to buy and sell Bitcoin, GBTC does not have a redemption mechanism that affects the ability to track Bitcoin’s price and charges higher fees.
While figures like former head of the SEC’s Internet Application Office, John Reed, suggest that the chances of the agency approving a spot Bitcoin ETF are low, the decision in Grayscale’s case may leave the SEC with no other option.