“Start 2024 Strong With 3 Hot Stock Ideas – Practically Free”
Ready for your shot at the next potential 32%, 39% or 45% gains in today’s market? You’re about to miss Stock Expert Gianni Di Poce’s 3 latest stock ideas… Ones that could shift your entire wealth-building journey. If you’re ready to start 2024 strong with 12 hot stock ideas every single month. ACT FAST.
Grayscale CEO Michael Sonnenshein on Tuesday made a public call for the approval of spot Bitcoin (CRYPTO: BTC) exchange-traded fund (ETF) options, emphasizing the importance of developing a robust market for these options.
What Happened: In a post shared on X, formerly Twitter, Sonnenshein expressed his views, stating, “… I think it’s never been more important … to advocate for the development of a robust listed options market for spot Bitcoin ETFs.”
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you’ll also get Benzinga’s ultimate morning update AND a free $30 gift card and more!
He pointed out that while Grayscale’s GBTC (OTC:GBTC) has been publicly available since 2015, it lacked listed options due to the limitations of the over-the-counter Market.
Sonnenshein also argued for equal treatment of similar financial products.
He wrote, “The same way bitcoin futures ETFs and spot bitcoin ETFs should (and now are) treated the same, so too should listed options on these products.”
This statement comes as the New York Stock Exchange (NYSE) and other national securities exchanges have filed submissions to permit options trading on commodity-based ETFs, including Grayscale’s GBTC fund.
The U.S. Securities and Exchange Commission (SEC) is currently reviewing these applications.
Sonnenshein noted the disparity in approval processes, mentioning that while Bitcoin futures ETF options received quick automatic approval, spot Bitcoin ETF options are subjected to a more prolonged process, akin to the approval of each underlying fund.
Highlighting the benefits of options, Sonnenshein stated, “Options are good for investors.”
Before You Do Another Thing, Invest In Your Future With Options
Want to become an options master? In his special 90% discount, Nic Chahine will give you full access to his top options plays, including strategies he’s used to bag two-digit winners. Learn Nic’s time-tested strategies ASAP. Buy here for only $0.99.
He elaborated that options facilitate price discovery, improve market navigation, and generate income for both retail and institutional investors.
Also Read: Donald Trump Calls CBDCs ‘Dangerous’ And Deems AI ‘A Tremendous Security Problem’
Why It Matters: Speaking with Benzinga, blockchain developer Lukas Kranjc said Bitcoin and Ethereum (CRYPTO: ETH) ETFs, in the long run, will bring much more credibility to cryptos, and decrease volatility as institutions will have longer time preferences when holding the underlying assets.
“While Ethereum ETFs are already in the works, it is fair to say this won’t stop here. We will see more crypto ETFs over the next 3-5 years,” he said.
What’s Next: The SEC is presently processing various applications for spot Bitcoin ETFs.
The agency began soliciting comments on BlackRock’s (NSYE: BLK) Nasdaq-listed fund and several Cboe BZX-listed funds on January 19.
On Jan. 10, the SEC approved various underlying spot Bitcoin ETFs, with Grayscale being among the firms receiving approval.
As of Feb. 2, Grayscale’s GBTC ETF, which was converted from an existing fund, had $20.5 billion in assets under management (AUM), making it the largest spot Bitcoin ETF currently, despite experiencing significant outflows.
Read Next: Bitcoin To Hit All-Time High Before Halving, Trader Predicts: ‘I Expect Violence’
Image: Shutterstock
“Start 2024 Strong With 3 Hot Stock Ideas – Practically Free”
Ready for your shot at the next potential 32%, 39% or 45% gains in today’s market? You’re about to miss Stock Expert Gianni Di Poce’s 3 latest stock ideas… Ones that could shift your entire wealth-building journey. If you’re ready to start 2024 strong with 12 hot stock ideas every single month. ACT FAST.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
