Winklevii are probably foaming at the mouth after seeing these shares go for over double market value. Probably on the phone with the SEC right now lol.
Well the twins should get off the pot and make this happen. They've been talking about it for what 2 years? If GBTC has been able to find an approval path, what is the holdup for COIN? Worse, it seems that other potential funds have taken a wait and see approach with COIN and decided to let them pave the way and follow. But if COIN does not execute that just stalls the market.
The price action on GBTC is demonstrating the real investment potential that OTC markets could unlock. This needs to happen and faster.
BTW, which brokers have people had success at least putting orders in? I have schwab and they are providing quotes, but are not offering trades yet.
Actually GBTC has taken a path that doesn't require approval. They're claiming an exemption from securities regulation under Reg D which means they're only allowed to take funds directly from accredited investors and the reason the shares are subject to a restricted period.
The holdup for COIN is entirely on SEC's part. The commission has the authority to simply not grant approval for as long as it wants to.