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SEC may approve spot ETF before FTX sells GBTC, thereby eliminating negative premium concerns

SEC may approve spot ETF before FTX sells GBTC, thereby eliminating negative premium concerns

CointimeCointime2023/10/26 20:39
By:Cointime

FTX holds approximately $417 million in Grayscale Bitcoin Trust Fund (GBTC). Scott Jonhsson, the general partner of Van Buren Capital, stated that FTX's bankruptcy restructuring plan is unlikely to be approved before the second quarter of 2024. It is expected that the SEC will make a decision on spot Bitcoin ETF before then. If GBTC has been converted to an ETF by then, FTX's sale will not exacerbate GBTC's negative premium, as the creation and redemption process of ETFs should only track the underlying BTC price. Sean Farrell, the head of cryptocurrency strategy at Fundstrat, said that the SEC's approval of spot ETFs will help ensure that creditors are compensated and that the discount of GBTC relative to its net asset value will narrow further. Given positive catalysts, cryptocurrency prices are likely to soar overall.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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