Grayscale Investments, manager of the world’s biggest crypto fund, has won its appeal against the Securities and Exchange Commission (SEC) over its intention to convert its Grayscale Bitcoin Trust (GBTC) to an Exchange Traded Fund (ETF).
GBTC is solely and passively invested in BTC, enabling investors to gain exposure to BTC in the form of a security while avoiding the challenges of buying, storing, and safekeeping BTC directly.
In June 2022, Grayscale filed a petition for review with the United States Court of Appeals for the District of Columbia Circuit to contest the SEC’s decision to deny its proposal to convert Grayscale Bitcoin Trust (BTC) to a spot Bitcoin ETF.
On the news of the win, a Grayscale spokesperson said: “On 29 August, the D.C. Circuit ruled in favour of Grayscale in our lawsuit challenging the SEC’s decision denying GBTC’s conversion to an ETF.
“This is a monumental step forward for American investors, the Bitcoin ecosystem, and all those who have been advocating for Bitcoin exposure through the added protections of the ETF wrapper.
“The Grayscale team and our legal advisors are actively reviewing the details outlined in the Court’s opinion and will be pursuing next steps with the SEC. We will share more information as soon as practicable.”
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