The Latest Breaking News from Grayscale

The year 2023 will be remembered as turbulent for cryptocurrencies, with numerous important developments that ultimately helped to “clean up” the space to potentially make it more attractive to mainstream investors. Notably there was the conviction of FTX CEO Sam Bankman-Fried for fraud.

Spot bitcoin ETFs, and bitcoin prices, were off to a weak start after SEC approval. Is a revolution underway, or will the trend continue?

Issuers including Fidelity and Galaxy are jockeying for position to gain an early advantage in the Bitcoin race.

In 2023, crypto industry onlookers were shocked by high-profile arrests and Sam Bankman-Fried’s trial but also given hope by a flurry of spot Bitcoin ETF applications and rebounding prices.

Like BlackRock and ARK, Grayscale also initially said it would use the in-kind creation and redemption model on its spot Bitcoin ETF. But as Wall Street giants ironed out details with the regulator – probably looking to be a part of the first wave of applications to be approved by…

Silbert, who is the CEO of the Digital Currency Group -- the parent company of Grayscale -- resigned from his post effective Jan. 1, 2024.

Besides approving ARK's spot Bitcoin ETF, it is believed that the regulator could also give the go signal to several other applications on Jan. 10, a report said, citing a recent SEC guideline seen by "sources close to these firms."

Novogratz thinks the approval of the highly anticipated Bitcoin investment vehicle will benefit markets since it will add "more fuel for a fire" that would eventually trigger crypto assets to trade "like a maniac."

Sonnenshein, in an interview, talked about the importance of launching a spot Bitcoin ETF in the U.S., highlighting the magnitude of wealth held within advised assets and the significant opportunity a regulated BTC ETF could offer to tap into these vast resources.