As you know, Grayscale's Bitcoin Trust product GBTC is traded at a discount of about 17% compared to the real price of Bitcoin.
If GBTC converts to a spot ETF, it means that the discount spread may close and this could create a sharp sell-off.
I find it logical for companies like BlackRock and Fidelity to create a spot Bitcoin ETF, but I don't like GBTC to be an ETF right now.
In addition, GBTC's fees are very high compared to other ETFs. I don't think it will be of much interest either. Grayscale's victory was of course good, but I prefer BlackRock over GBTC.
Of course, it's nice for Grayscale to win a lawsuit, and it did some work to close the gap between GBTC and BTC. However, there is still a price gap, and being an ETF can be downside initially.
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