Grayscale Conversion Plans Could Delay ETFs Approval: Says Cathie Wood
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Grayscale Conversion Plans Could Delay ETFs Approval: Says Cathie Wood

SECBitcoin ETF

By Miles

15 Nov 2023

2 min read


Ark Invest CEO Cathie Wood sees increased chances for Bitcoin ETF approval amid SEC's detailed review and Grayscale's conversion plans.

Cathie Wood Discusses the Future Expectations of Ark Invest's Bitcoin ETF

In an interview, Cathie Wood, CEO of Ark Invest, discussed the chance of a spot Bitcoin ETF. She noted that the SEC's engagement had changed, with the SEC now asking extensive questions regarding their ETF filings, indicating serious consideration.

Wood is cautiously hopeful, believing that the ETF's chances of approval are now higher. She cited the SEC's new approach of potentially approving numerous ETFs at the same time, which could complicate the process because Grayscale plans to turn its Bitcoin trust into an ETF.

Grayscale poses a tough scenario. If Grayscale sues the SEC for refusing to authorize its conversion of its Bitcoin trust into an ETF.

The situation with Grayscale is tricky. If Grayscale sues the SEC for not permitting their conversion, the approval schedule for all Bitcoin ETFs could be delayed. This uncertainty complicates the entire process.

The Dollar's Role and Gensler's Influence

Wood presumed about SEC Chair Gary Gensler's potential plans, saying there are talks about Gensler looking to advance to the Treasury secretary position causing him to focus more on the US dollars which could be delaying ETF clearance.

Bloomberg analyst James Seyffart observed that three Bitcoin ETF applications are approaching deadlines, and he maintains a 90% confidence that they will be approved by January 2024. He also said that GlobalX had amended their ETF filing, leaving only two applicants out of twelve yet to amend theirs.

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