- Crypto asset manager Grayscale registered another retail-facing advertisement for its Bitcoin Trust with the SEC.
- Analyst Marty Party said the advertisements are intended for Grayscale’s spot Bitcoin ETF.
- The development follows a policy shift at Google to allow advertisements promoting cryptocurrency trusts.
Amidst rising optimism for a spot Bitcoin exchange-traded fund, crypto asset manager Grayscale – one of the forerunners in the ETF race – has registered another retail-facing advertisement for its Bitcoin Trust fund with the U.S. Securities and Exchange Commission.
Crypto Analyst known as Marty Party noted this development in a recent tweet on X (formerly Twitter). According to the analyst, the filing detailed on the SEC’s website is intended for Grayscale’s spot Bitcoin ETF.
Previously, Grayscale disclosed that it intends to convert its Bitcoin Trust to an exchange-traded fund should the SEC come through with approval. Earlier in October, the company secured a decisive victory against the regulator after a court ruled against the SEC’s decision to reject Grayscale’s application for a spot Bitcoin ETF.
The company said the strategic adjustments would allow its Bitcoin trust price to trade more closely with the actual value of the digital asset. Additionally, Grayscale said the change would eliminate the current 8.09% discount of around $1.9 billion and offer more benefits to investors.
This recent development follows a policy shift at technological giant Google to allow advertisements promoting crypto trusts. Many in crypto circles believe this strategic development at Google could indicate that a spot ETF approval could be around the corner.
Grayscale is one of the large institutional firms to have filed for a spot Bitcoin ETF alongside BlackRock and Fidelity. The three have reportedly met with the SEC to amend their filings and address regulatory concerns. According to information on its website, Grayscale has over $25 billion in assets under management.
Analysts predict an ETF approval could come as early as January 2024. Furthermore, experts believe the approval could propel Bitcoin to an all-time high of $100K by December 2024. Meanwhile, Bitcoin has made a slight recovery following a price slump at the start of the week. At the time of press, the token is trading at $41,808, according to data from CoinMarketCap.
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