The Securities and Exchange Commission (SEC) has delayed its decision on Grayscale’s request to convert its Bitcoin Trust (GBTC) to an exchange-traded fund (ETF). The decision is expected to be given on August 18 (Friday), as its case reaches the 160-day mark since an oral speech was given in March.
Amid uncertainties over the SEC’s ruling, Grayscale announced a job position for a Senior Associate, to its ETF team. Which triggered some speculation in the market, relating the announcement to the awaited decision.
Grayscale demanded SEC rule with a fair and consistent approach to all issuers. Challenging SEC’s acceptance of leveraged Bitcoin futures ETFs while rejecting spot Bitcoin ETF applications, a decision Grayscale deems as inconsistent and arbitrary.
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On August 15, Jacobi Asset Management managed to approve the first European Bitcoin ETF, listed under the ticker BCOIN in Euronext Amsterdam.
Grayscale ETF team job description
“Grayscale Investments is seeking a highly capable, analytical, and proactive Senior Associate, ETFs to support the development of Grayscale’s Exchange Traded Fund (ETF) business. The Senior Associate will assist Grayscale’s ETF team in all phases of the product life cycle including product strategy, ideation, listing and post launch support.”
— States the job description by the Grayscale ETF team
Among the responsibilities, Grayscale expects the person to fill this Senior Associate position to “support Grayscale’s ETF team to build out all aspects of the ETF business”, but it’s not clear if this is a role for an ‘approved’ or ‘to-be-approved project’. They require previous experience with investments, compliance, and data analysis, among others.
Anyone can apply through this link.
The well-known crypto analyst, Michaël van de Poppe, believes it could sign a positive outcome for Grayscale’s Bitcoin ETF.
Bitcoin price analysis
Meanwhile, Bitcoin (BTC) price is dropping by 2.53% in the last 24 hours, being traded at $28,350, by press time.
A positive outcome for Grayscale could positively impact Bitcoin’s price in the near future, but the same remains true for a negative outcome if the SEC rejects the appeal. Although, the quantity of this effect will further depend on the general sentiment on the wider crypto market, and news surrounding the BTC ecosystem.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
