A three-judge appeals panel in Washington on Tuesday overturned a decision by the US Securities and Exchange Commission to block the ETF.
Grayscale “advanced substantial evidence” that its product was similar to Bitcoin futures ETFs approved by the SEC. The underlying assets of both types of products are closely correlated and the surveillance sharing agreements with the Chicago Mercantile Exchange are “identical.” Grayscale sought to create an ETF because the trust’s closed-end structure doesn’t allow for investors to redeem shares when prices fall, causing the trust to trade at steep discounts to its underlying Bitcoin. As an ETF, it could create and redeem shares to keep up with changing demand.
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