Greyscale: It’s not just a disease on “Game of Thrones” anymore. It’s also shorthand for Grayscale Investments (OTHEROTC:GBTC), which won a major court case against the Securities and Exchange Commission, and with it, potentially changed the landscape for cryptocurrency markets forever. But what effects should we be looking for in the short term?
The case in question, posed to a panel of judges, overturned a ruling from the SEC that prevented Grayscale Investments from turning its Bitcoin (BTC-USD) trust into a spot Bitcoin exchange-traded fund (ETF). The judges in question noted that the SEC had allowed two other operations to do something similar, so preventing Grayscale from doing it without some kind of valid reason was “unlawful.”
Here’s the part where things get interesting, though. Thanks to Greyscale’s move, several other companies, including BlackRock (NYSE:BLK), WisdomTree (NYSE:WT), and Invesco (NYSE:IVZ), can now advance their own plans for a Bitcoin ETF. Indeed, Coinbase (NASDAQ:COIN) had similar plans in play as well, and those can likely go through too.
Interestingly, of those four stocks, only one is down in Wednesday afternoon’s trading: Coinbase. Coinbase is also the only one of these four with a downside risk of 3.48%, thanks to an average price target of $80.65. Meanwhile, for upside potential, the current frontrunner is Blackrock. With an average price target of $817.50, Blackrock stock offers investors a possible gain of 17.47%.
– Tel Aviv, Israel(Hexa PR Wire– September 26, 2023)–Coinscan, a recognized multi-chain and layer 1 charting platform, has announced its strategic expansion into broader markets. The move aims to respond...