Imminent Approval Of First U.S. Spot Bitcoin ETF? Grayscale Beefs Up Team As SEC Lawsuit Ruling Looms

Grayscale Investments revealed on Thursday that its ETF team is expanding as it nears the tail end of its lawsuit with the U.S. Securities and Exchange Commission (SEC).

The new hires have sent an optimistic signal about a potential spot Bitcoin ETF landing in the U.S. markets.

Grayscale Prepping For ETF Approval?

Grayscale highlighted that it’s hiring for its ETF team. 

“Our ETF team is hiring,” Grayscale said on X (formerly Twitter), accompanied by a set of eyes emoji.

The two positions, a product specialist and senior associate to assist its ETF team, have jointly accumulated more than 50 applications since being posted on LinkedIn.

As per the job post, Grayscale’s senior associate would “contribute to investment product development ideas and work with the ETF team towards their realization.”

The crypto asset manager is seeking a product specialist who will “work closely with the sales, operations, marketing, and product teams to optimize the investor experience,” with a particular focus on ETFs.

Some crypto community members are pondering the significance of the job postings as the widely anticipated decision in Grayscale’s lawsuit against the Securities and Exchange Commission could be reached as early as tomorrow. Bloomberg Intelligence ETF analyst Eric Balchunas posited:

“Is this bullish spot approval? No idea, but I do know ETFs are and will be a huge growth area and so fyi for anyone looking for a job.”

Grayscale sued SEC last June for violation of the Administrative Procedures Act., following the regulatory agency’s denial to convert its flagship trust (GBTC) into a spot Bitcoin ETF.

Bitcoin ETF Approval Odds

While some industry commentators like former SEC official John Reed Stark have claimed that chances are very slim the American financial watchdog gives a regulatory green light to the creation of a physically-backed Bitcoin ETF, the verdict in Grayscale’s suit could leave the commission with no choice.

It’s worth mentioning that Bloomberg’s Balchunas previously suggested that the odds of the SEC approving a spot Bitcoin ETF have gone up. The agency, however, seems hell-bent on postponing any decision related to this crypto investment vehicle until next year — but a surprise should not be ruled out.

Grayscale recently urged the SEC to approve all Bitcoin spot ETF applications simultaneously if it approves any to prevent companies from having an unfair advantage over other applicants.