A senior analyst at the global asset management fund Bernstein says that multiple altcoin exchange-traded funds (ETFs) are likely to materialize if a spot Bitcoin (BTC) ETF gets approved.
Gautam Chhugani, who also works as a managing director of global digital assets at Bernstein, says Grayscale’s legal victory over the U.S. Securities and Exchange Commission (SEC) last week set “unambiguous principles” for regulators to use when considering spot crypto ETF applications.
“We suspect the crypto ETF opportunity won’t just stop at Bitcoin but will extend into multiple crypto assets…”
A federal judge ruled last week that the SEC must reconsider Grayscale’s application to convert the Grayscale Bitcoin Trust into a spot Bitcoin ETF. Grayscale initially sued the SEC in June 2022, claiming that the regulatory body’s rejection of their ETF application was discriminatory. The judge said the SEC needs to reconsider the company’s application to avoid arbitrariness and inconsistency.
Later that week, the SEC said it was delaying its decisions on a slew of spot-based Bitcoin ETF applications until October.
Chhugani says the recent fundamental developments in the crypto space have made him bullish on the sector overall.
“The strong showing in the courts (Ripple and Grayscale in two months), improved ETF chances and the progressive institutional interest, is in contrast to the retail-led crypto cycles of the past. This is a cycle slower to take off, but is being laid on much stronger fundamental grounds of regulatory clarity and more strategic long-term players entering the space.”
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