On the same day, Bitcoin received institutional fair value accounting approval from the Financial Accounting Standards Board.
Despite the positive development, Ether, the world’s second-largest cryptocurrency, inched up 0.16% over the week to US$1,647. If accepted, this would be the first publicly traded Ether ETF in the U.S. On Wednesday, asset manager Ark Invest filed for a spot Ether ETF in the U.S., naming Coinbase as a custodian.
This pivotal ruling is not only a beacon of optimism for Grayscale but may also pave the way for other financial heavyweights, such as BlackRock and Fidelity, waiting for the SEC’s decision on their own spot Bitcoin ETF applications. Grayscale’s lawyers said that there are no grounds for the SEC to continue to block the conversion. On Tuesday, asset manager Grayscale’s lawyers sent a letter to the Securities and Exchange Commission (SEC) requesting a meeting with the agency about the path to convert the Grayscale Bitcoin Trust into an exchange-traded fund (ETF).
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