Grayscale wins D.C. Circuit appeal; SEC order denying GBTC ETF conversion vacated

Grayscale Bitcoin Trust ETF

D.C. Circuit Court of Appeals granted Grayscale's petition and vacated the SEC's June 2022 order denying GBTC conversion to an ETF.
Court ruled SEC failed to explain why it approved bitcoin futures ETPs but not Grayscale's spot bitcoin ETP, calling it 'unlawful regulatory treatment'.
GBTC shares (OTCQX: GBTC) are one step closer to listing on NYSE Arca as a spot Bitcoin ETF.
Grayscale CEO Michael Sonnenshein called it a 'historic milestone' and said firm will work with SEC on next steps.

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