Grayscale Investments recently won a landmark victory over the US Securities and Exchange Commission, which could be a huge turnaround for the entire crypto industry. The SEC had previously rejected the firm’s request to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin offering. A three-judge panel agreed that the denial of Grayscale’s proposal was “arbitrary and capricious” and SEC is now reviewing the court decision. Investors are eagerly awaiting the first Bitcoin spot ETF approval in the US. In an interview with Bloomberg Markets, Grayscale Investments CEO Michael Sonnenshein labeled the court’s decision as a big win and increased the possibility of approval as several firms re-submit their Bitcoin ETF applications. Analysts believe that it is 75 percent certain that the US Securities and Exchange Commission will approve a Bitcoin spot ETF this year. SEC is also supposed to decide on BlackRock and Bitwise’s ETF by Friday. GBTC shares recorded a 17 percent surge on Tuesday and Bitcoin saw just a 6 percent gain. On Wednesday, the share lost 4 percent of its value. Dave Weisberger, CEO of CoinRoutes, has also stated that it is almost certain that BlackRock and Fidelity would get approval. Bitcoin is currently making a recovery from its bearish run and has surged by 2.7 percent in the last seven days to trade at $27,214.72. Grayscale Investments recently won a landmark victory over the US Securities and Exchange Commission, which could be a huge turnaround for the entire crypto industry. The SEC had previously rejected the firm’s request to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin offering. A three-judge panel agreed that the denial of Grayscale’s proposal was “arbitrary and capricious” and SEC is now reviewing the court decision. Investors are eagerly awaiting the first Bitcoin spot ETF approval in the US. In an interview with Bloomberg Markets, Grayscale Investments CEO Michael Sonnenshein labeled the court’s decision as a big win and increased the possibility of approval as several firms re-submit their Bitcoin ETF applications. Analysts believe that it is 75 percent certain that the US Securities and Exchange Commission will approve a Bitcoin spot ETF this year. SEC is also supposed to decide on BlackRock and Bitwise’s ETF by Friday. GBTC shares recorded a 17 percent surge on Tuesday and Bitcoin saw just a 6 percent gain. On Wednesday, the share lost 4 percent of its value. Dave Weisberger, CEO of CoinRoutes, has also stated that it is almost certain that BlackRock and Fidelity would get approval. Bitcoin is currently making a recovery from its bearish run and has surged by 2.7 percent in the last seven days to trade at $27,214.72. Grayscale Investments recently won a landmark victory over the US Securities and Exchange Commission, which could increase the possibility of approval for Bitcoin spot ETFs. Investors are eagerly awaiting the first Bitcoin spot ETF approval in the US. Analysts believe that it is 75 percent certain that the US Securities and Exchange Commission will approve a Bitcoin spot ETF this year. SEC is also supposed to decide on BlackRock and Bitwise’s ETF by Friday. GBTC shares recorded a 17 percent surge on Tuesday and Bitcoin saw just a 6 percent gain. On Wednesday, the share lost 4 percent of its value. Dave Weisberger, CEO of CoinRoutes, has also stated that it is almost certain that BlackRock and Fidelity would get approval. Bitcoin is currently making a recovery from its bearish run and has surged by 2.7 percent in the last seven days to trade at $27,214.72.

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Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	8
People	James Seyffart, Eric Balchunas, Neomi Rao, Dave Weisberger, Michael Sonnenshein
Companies	Bitwise, FAC, US Securities and Exchange Commission, Grayscale Investments, CoinRoutes, Bloomberg Intelligence, Bloomberg Markets, BlackRock, FINRA
Currencies	Ethereum, Bitcoin
Securities	None