Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
" narrowed to its lowest in 22 months on Friday, signaling increased optimism that Grayscale will be able to convert its close-ended bitcoin trust into an open-ended spot-based exchange-traded fund .
On Friday, shares in Grayscale Bitcoin Trust traded at a discount of 15.87% to the trust's net asset value, reaching the level last seen in December 2021,The latest improvement came as the U.S. Securities and Exchange Commission decided not to appeal against the D.C. Circuit Court of Appeals' August verdict to set aside the regulator's decision to reject Grayscale's attempts to convert its trust into an ETF. The SEC had until Friday midnight to challenge the decision.
"As far as I know, the SEC did not appeal, which means it now has to reconsider its ruling. It could deny again for different reasons - but the agency iswith other potential issuers, which is unusual. It is starting to feel like it is getting ready to let them list," Noelle Acheson, author of the popular Crypto Is Macro Now newsletter, said in the weekend edition.
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