- Grayscale secured a significant victory against the U.S. Securities and Exchange Commission (SEC) in a court ruling that transformed the Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF).
- In the report, it was mentioned that the sector is expected to obtain the first spot Bitcoin ETF sometime between mid-October and mid-March, and approval of all spot ETF applications, including Grayscale’s, will happen simultaneously.
- The asset management sector is expected to expand beyond Bitcoin and Ethereum; this could include other top blockchains such as Solana and Polygon.
In his new report, Bernstein stated that the spot Bitcoin ETF will be approved and the ETF opportunity will extend to assets other than Bitcoin.
Bernstein’s New Report for Crypto ETFs
Last week, Grayscale scored a landmark victory over the U.S. Securities and Exchange Commission (SEC) in a court ruling that made the Grayscale Bitcoin Trust (GBTC) conversion an exchange-traded fund (ETF), and it’s time for regulators to consider spot ETF filings. laid down clear and explicit principles.
Analysts led by Gautam Chhugani stated:
“The crypto ETF opportunity won’t be limited to just Bitcoin (BTC) but will extend to multiple crypto assets.”
The sector is expected to obtain the first spot Bitcoin ETF sometime between mid-October and mid-March, and the approval of all spot ETF applications, including Grayscale, will happen simultaneously, according to the report. Analysts added:
“The push for a spot Ethereum (ETH) ETF follows immediately after because ETH also has a similar market structure with a traded CME futures market and a spot market.”
Which assets will the ETFs expand into?
The asset management sector is expected to expand beyond just Bitcoin and Ethereum; this could include other top blockchains like Solana and Polygon and even leading assets of Decentralized Finance (DeFi) that are used for lending, trading, and other financial activities carried out on a blockchain without traditional intermediaries. The note stated:
“This is a massive commercial opportunity for the asset management industry to generate healthy fees in a burgeoning asset class. The strong showing in the courts (Ripple and Grayscale in 2 months), improved ETF chances, and the progressive institutional interest are positioning crypto for an unprecedented capital-led cycle, unlike the retail-led crypto cycles of the past.
