The asset manager argued that since the SEC has approved bitcoin futures ETFs, that opened the door for a spot-based fund, but the regulator disagreed. According to the SEC, a bitcoin spot-based ETF would be more susceptible to market manipulation as the price of bitcoin can be influenced by a variety of factors.
GBTC issues accredited investors shares that represent ownership in the trust. In the US, accredited investors are defined as persons earning more than $200,000 a year individually, or couples with combined incomes of more than $300,000 for the past two years. On June 17, GBTC’s discount hit an all-time low of -34%, which arrowed ahead of the SEC decision. This followed Grayscale's announcement that it had struck a deal with Wall Street firms Jane Street and Virtu Financial to close the discount on GBTC if its application gained approval.
Source: Digital Coin News (digitalcoinnews.net)
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