{"id":549444,"date":"2023-08-30T18:00:12","date_gmt":"2023-08-30T18:00:12","guid":{"rendered":"https:\/\/uniquehot.com\/?p=549444"},"modified":"2024-06-12T09:24:47","modified_gmt":"2024-06-12T09:24:47","slug":"gbtc-shares-grayscale","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/gbtc-shares-grayscale\/","title":{"rendered":"GBTC Shares See Volumes Climb To 2-Year High Amid Grayscale\u2019s Victory Lap"},"content":{"rendered":"

On August 29, the US Court of Appeals <\/span>ruled<\/span><\/a> in favor of Grayscale in its legal battle against the US Securities and Exchange Commission (SEC). Following this, Grayscale\u2019s GBTC shares trading volume significantly increased, climbing to a 2-year high in the process.<\/span><\/p>\n

GBTC Shares See 17% Increase<\/h2>\n

According to <\/span>data<\/span><\/a> from Yahoo Finance, GBTC’s share price had opened at $17.66 on the day and closed at $20.56, rising by almost 17% from the previous day. Furthermore, the fund saw its busiest day in over a year, with over <\/span>19 million<\/span><\/a> GBTC shares changing hands. This volume jump marked the fund\u2019s highest in over two years.<\/span><\/p>\n

Related Reading: Bitcoin Insider Trading Suspicions Take Root Following Grayscale Win, What\u2019s Happening?<\/a><\/div>\n

These figures aren\u2019t surprising, considering that <\/span>Grayscale\u2019s victory<\/span><\/a> presents a bullish outlook for the fund. Furthermore, Grayscale\u2019s GBTC is one step closer to being converted into a Spot Bitcoin ETF, so many investors may want to get in on the fund at a discounted price.<\/span><\/p>\n

GBTC currently operates as a closed-end fund and has seen a discount as high as 48.89% of its net asset value (NAV) in December 2022. This discount has been <\/span>reduced<\/span><\/a> to about 18% following the court\u2019s ruling in favor of Grayscale. However, some still believe this gap could close further, especially if Grayscale\u2019s ETF application were approved.<\/span><\/p>\n

\"Grayscale<\/p>\n

Share price rises 17% in one day | Source: Grayscale Bitcoin Trust on Tradingview.com<\/a><\/pre>\n
Big Win For The Crypto Community<\/h2>\n
Grayscale had <\/span>filed<\/span><\/a> a lawsuit following the SEC\u2019s refusal to grant its application to <\/span>convert<\/span><\/a> its GBTC fund into a Spot Bitcoin ETF.\u00a0<\/span><\/p>\n
Grayscale argued that the SEC acted arbitrarily and capriciously by not giving it the same regulatory treatment the Commission did to the Teucrium Bitcoin Futures Fund and the Valkyrie XBTO Bitcoin Futures Fund.<\/span><\/p>\n
The fund stated that it deserved the same treatment as the Bitcoin futures fund because the prices of both Spot and Futures Bitcoin ETFs were \u201c99.9%\u201d correlated, so they posed the same risk regarding fraud and manipulation.\u00a0<\/span><\/p>\n
The court <\/span>adopted<\/span><\/a> Grayscale\u2019s argument and agreed that the SEC had not provided sufficient reason for denying Grayscale\u2019s application while approving the Bitcoin futures funds.<\/span><\/p>\n
Related Reading: Renowned Economist Explains Why Grayscale\u2019s Win Is Not Good For Bitcoin Price<\/a><\/div>\n
With this ruling, the <\/span>SEC\u2019s primary reason<\/span><\/a> for not approving a Spot Bitcoin no longer carries weight, as the Commission can no longer deny applications solely because the Spot Bitcoin market has no regulated market of significant size.\u00a0<\/span><\/p>\n
The court already found both funds (spot and futures) to be similar, so these exchanges’ surveillance sharing agreements with the Chicago Mercantile Exchange (CME) should be sufficient to deter manipulation in either the spot or futures market.\u00a0<\/span><\/p>\n
While it remains to be seen what <\/span>step the SEC will take regarding the Court of Appeal\u2019s ruling<\/span><\/a>, there is an increased likelihood that the Commission will have to approve the pending <\/span>Spot Bitcoin ETF applications<\/span><\/a> except if it can find another reason to deny these proposals.\u00a0\u00a0<\/span><\/p>\n
Featured image from Bitcoinist, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On August 29, the US Court of Appeals ruled in favor of Grayscale in its legal battle against the US Securities and Exchange Commission (SEC). Following this, Grayscale\u2019s GBTC shares trading volume significantly increased, climbing to a 2-year high in the process. GBTC Shares See 17% Increase According to data from Yahoo Finance, GBTC’s share price had opened at $17.66 on the day and closed at $20.56, rising by almost 17% from the previous day. Furthermore, the fund saw its busiest day in over a year, with over 19 million GBTC shares changing hands. This volume jump marked the fund\u2019s highest in over two years. Related Reading: Bitcoin Insider Trading Suspicions Take Root Following Grayscale Win, What\u2019s Happening? These figures aren\u2019t surprising, considering that Grayscale\u2019s victory presents a bullish outlook for the fund. Furthermore, Grayscale\u2019s GBTC is one step closer to being converted into a Spot Bitcoin ETF, so many investors may want to get in on the fund at a discounted price. GBTC currently operates as a closed-end fund and has seen a discount as high as 48.89% of its net asset value (NAV) in December 2022. This discount has been reduced to about 18% following the court\u2019s ruling in favor of Grayscale. However, some still believe this gap could close further, especially if Grayscale\u2019s ETF application were approved. Share price rises 17% in one day | Source: Grayscale Bitcoin Trust on Tradingview.com Big Win For The Crypto Community Grayscale had filed a lawsuit following the SEC\u2019s refusal to grant its application to convert its GBTC fund into a Spot Bitcoin ETF.\u00a0 Grayscale argued that the SEC acted arbitrarily and capriciously by not giving it the same regulatory treatment the Commission did to the Teucrium Bitcoin Futures Fund and the Valkyrie XBTO Bitcoin Futures Fund. The fund stated that it deserved the same treatment as the Bitcoin futures fund because the prices of both Spot and Futures Bitcoin ETFs were \u201c99.9%\u201d correlated, so they posed the same risk regarding fraud and manipulation.\u00a0 The court adopted Grayscale\u2019s argument and agreed that the SEC had not provided sufficient reason for denying Grayscale\u2019s application while approving the Bitcoin futures funds. Related Reading: Renowned Economist Explains Why Grayscale\u2019s Win Is Not Good For Bitcoin Price With this ruling, the SEC\u2019s primary reason for not approving a Spot Bitcoin no longer carries weight, as the Commission can no longer deny applications solely because the Spot Bitcoin market has no regulated market of significant size.\u00a0 The court already found both funds (spot and futures) to be similar, so these exchanges’ surveillance sharing agreements with the Chicago Mercantile Exchange (CME) should be sufficient to deter manipulation in either the spot or futures market.\u00a0 While it remains to be seen what step the SEC will take regarding the Court of Appeal\u2019s ruling, there is an increased likelihood that the Commission will have to approve the pending Spot Bitcoin ETF applications except if it can find another reason to deny these proposals.\u00a0\u00a0 Featured image from Bitcoinist, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":549453,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83386,3],"tags":[7558,7523,61774,89192,89261,3799],"class_list":["post-549444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news","tag-gbtc","tag-grayscale","tag-grayscale-bitcoin-trust","tag-grayscale-news","tag-grayscale-shares","tag-sec"],"acf":[],"yoast_head":"\nGBTC Shares See Volumes Climb To 2-Year High Amid Grayscale\u2019s Victory Lap<\/title>\n<meta name=\"description\" content=\"Grayscale\u2019s GBTC shares trading volume significantly increased following its victory, climbing to a 2-year high in the process.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"GBTC Shares See Volumes Climb To 2-Year High Amid Grayscale\u2019s Victory Lap","url":"http:\/\/uniquehot.com\/news\/gbtc-shares-grayscale\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/gbtc-shares-grayscale\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/Grayscale-Bitcoin-Trust.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/Grayscale-Bitcoin-Trust.jpeg?fit=800%2C500"},"articleSection":"Crypto","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["gbtc","grayscale","grayscale bitcoin trust","grayscale news","grayscale shares","sec"],"dateCreated":"2023-08-30T18:00:12Z","datePublished":"2023-08-30T18:00:12Z","dateModified":"2024-06-12T09:24:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"GBTC Shares See Volumes Climb To 2-Year High Amid Grayscale\\u2019s Victory Lap\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/gbtc-shares-grayscale\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/gbtc-shares-grayscale\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Grayscale-Bitcoin-Trust.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Grayscale-Bitcoin-Trust.jpeg?fit=800%2C500\"},\"articleSection\":\"Crypto\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"gbtc\",\"grayscale\",\"grayscale bitcoin trust\",\"grayscale news\",\"grayscale shares\",\"sec\"],\"dateCreated\":\"2023-08-30T18:00:12Z\",\"datePublished\":\"2023-08-30T18:00:12Z\",\"dateModified\":\"2024-06-12T09:24:47Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/Grayscale-Bitcoin-Trust.jpeg?fit=800%2C500","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/549444"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=549444"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/549444\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/549453"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=549444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=549444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=549444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}