The move is a victory for Grayscale Bitcoin Trust, which could soon be allowed to convert into an ETF.
The Securities and Exchange Commission doesn’t plan to challenge a major court loss against Grayscale Investments, according to a person familiar with the matter, bringing closer the possibility of the first Bitcoin exchange-traded fund.
The SEC had argued that Bitcoin trading platforms had insufficient surveillance to detect fraud and manipulation, but the judges in the U.S. Court of Appeals for the D.C. Circuit agreed with Grayscale that the argument didn’t make sense in light of the agency’s approval of exchange-traded products that hold Bitcoin futures.
Right now, the Grayscale trust trades like a closed-end fund, with a price that deviates significantly from the value of the Bitcoin it holds. At the close on Friday, the trust had a price of $20.24, about 15.9% below the value of its assets. If the trust converts, that discount will likely close.
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