BlackRock and Grayscale file updated bitcoin-ETF filings

BlackRock and Grayscale have filed new bitcoin-ETF applications with the SEC

According to analysts, there is an estimated 90% chance of bitcoin-ETF approval in early 2024

Bloomberg analyst Jayf Seyffarth posted on X (formerly Twitter) the news that investment firms BlackRock and Grayscale almost simultaneously filed new applications for bitcoin-ETFs.

Grayscale itself later posted on its corporate blog that it had filed a new application with the SEC to convert its Grayscale Bitcoin Trust (GBTC) fund into an ETF.

On August 29, the court granted Grayscale's lawsuit challenging the regulator's refusal to approve its application to launch a bitcoin ETF. The deadline for the commission to appeal expired on October 13, after which it became clear that there would be no appeal. Progress in the Grayscale case brings further clarity to the ETF approval process, which has largely remained opaque to outside observers.

Earlier this week, amid rumors of approval of the iShares spot ETF, the bitcoin exchange rate soared to $30,000 at one point before plummeting to $28,000 after the news was denied. At the same time, the head of BlackRock Larry Fink said that this price behavior is a consequence of "accumulated interest in cryptocurrencies." According to analysts at Bloomberg Intelligence, the probability that the SEC will approve the ETF in early January 2024 is estimated at 90%.