According to The Block, a research report released by JPMorgan analysts including Nikolaos Panigirtzoglou showed that Grayscale's victory indicates that the US SEC may be forced to approve the spot Bitcoin ETF applications of Grayscale and other asset management companies. Analysts believe that the SEC needs to withdraw its previous approval of futures-based Bitcoin ETFs to justify its "rejection of Grayscale's proposal to convert its Bitcoin Trust into an ETF." However, analysts added that such a move would be very embarrassing and disruptive to investors and seemed unlikely.
Analysts at JPMorgan also believe that the SEC's postponement of multiple spot Bitcoin ETF applications on Thursday "may mean that it approves multiple spot Bitcoin ETF applications at the same time, rather than giving any one applicant a first-mover advantage". Analysts said, "This may be beneficial to investors because it will trigger competition in ETF management fees. If Grayscale is approved to convert GBTC into the world's largest Bitcoin spot ETF, Grayscale may face greater pressure to reduce management fees."
