The US Court of Appeal Orders SEC to Review Grayscale’s Bitcoin ETF Application
The United States Court of Appeal has issued a mandate instructing the Securities and Exchange Commission (SEC) to review Grayscale Investments’ application for a spot Bitcoin exchange-traded fund (ETF). The court’s formal mandate took effect on October 23, following its initial ruling on August 29 and the SEC’s failure to appeal by October 13.
This mandate reaffirms the court’s August 29 ruling, allowing Grayscale another opportunity to convert its Bitcoin Trust (GBTC) into a listed BTC ETF. While the SEC has never approved a spot crypto ETF for listing on US exchanges, it has given the green light to investment vehicles linked to BTC and ETH futures.
Grayscale Submits Registration Statement for Bitcoin Trust Listing
On October 19, Grayscale submitted a registration statement to the SEC seeking to list shares of its Bitcoin Trust on the New York Stock Exchange Arca under the ticker symbol GBTC. Other major companies, including BlackRock, ARK Investment, and Valkyrie, also have pending spot crypto ETF applications with the SEC.
Hot Take: Positive Developments for Crypto ETFs in the US
The US Court of Appeal’s decision to mandate the SEC’s review of Grayscale’s Bitcoin ETF application is a positive development for the cryptocurrency industry. While the SEC has been hesitant to approve spot crypto ETFs in the past, this decision opens up new possibilities for investment vehicles linked to cryptocurrencies. With other major companies also vying for approval of their ETF applications, there is growing optimism that we may see the launch of a regulated Bitcoin ETF in the near future.
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