Grayscale: Shocking Bitcoin ETF Prediction Shared by Top Investor

Grayscale Investments shook up the cryptocurrency ecosystem on Tuesday, December 26, when Barry Silbert, the company’s president, exited Board of Directors.

While this drastic change is coming at a crucial time for the company, leading market investor and Lumida Wealth Management CEO Ram Ahluwalia believes the move could only increase the chances opportunity for Grayscale Investments to receive approval to convert its flagship Bitcoin Trust into a spot Bitcoin ETF.

For Ahluwalia, Barry Silbert’s resignation gives Grayscale greater autonomy, which could also boost confidence in the U.S. Securities and Exchange Commission (SEC) as it begins its review last for many Bitcoin ETF spot applications.

Barry Silbert’s presence in the company could cause complications as he is undergoing a series of investigations into his role in the collapse of Genesis Global for failing to disclose his health status. parent company, Digital Currency Group (DCG).

Ahluwalia believes that with the resignation of Barry Silbert and the confidence in Michael Sonneshein, the odds of approval for a spot Bitcoin ETF application from Grayscale Investments will be higher.

 

Grayscale has made the right concessions

In an effort to improve its chances of achieving approval in the first wave of registrations to be reviewed, Grayscale Investments has amended its S-3 filing with the SEC, detailing its readiness to accept the model “ Cash generation” proposed by the regulator.

The SEC has set a deadline of December 29 for Bitcoin ETF applicants wishing to be considered in the first wave of approvals  expected to take place in January. According to the update, the SEC stated his view that the Bitcoin-first in-kind buyback model may not be adopted, thus causing an unprecedented change in stance from Grayscale Investments.

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