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Grayscale CEO ”Optimistic” Over Spot Bitcoin ETF Approval After SEC Talks

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Grayscale CEO Michael Sonnenshein said he's optimistic about the approval outlook for a spot Bitcoin ETF.
Grayscale CEO Michael Sonnenshein said he's optimistic about the approval outlook for a spot Bitcoin ETF.

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Grayscale chief executive officer Michael Sonnenshein said he’s optimistic about the approval outlook for a spot Bitcoin ETF (exchange-traded fund) after discussions with the Securities and Exchange Commission (SEC).

“We have been actively engaging with the SEC,” said Sonnenshein. “The questions that we’re getting from them signal to us that they want to engage on this issue, that they’re eager to make progress on this issue. We’re feeling optimistic.”

SEC Decision To Deny GBTC Conversion To Spot Bitcoin ETF ”Arbitrary And Capricious”

Grayscale made headlines earlier in the year after winning its longstanding case against the SEC, when a judge ruled that the regulator’s decision to deny the firm’s request to convert its Grayscale Bitcoin Trust (GBTC) to an ETF was “arbitrary and capricious.”

Sonnenshein said the SEC had provided no indication of when it might approve a Bitcoin ETF. Grayscale is among about a dozen institutions in the race to launch spot BTC ETFs, among them fund management giants including BlackRock and Fidelity.

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