---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-045100"
form_type: "8-K"
ticker: "GBTC"
cik: "0001588489"
company_name: "Grayscale Bitcoin Trust ETF"
filed_at: "2023-08-29T23:59:59+00:00"
generated_at: "2026-06-11T02:22:57.462665+00:00"
event_type: "regulatory"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-23-045100
- form_type: 8-K
- ticker: GBTC
- cik: 0001588489
- company_name: Grayscale Bitcoin Trust ETF
- filed_at: 2023-08-29T23:59:59+00:00
- event_type: regulatory
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1588489/000095017023045100/0000950170-23-045100-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1588489/000095017023045100/gbtc-20230829.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-045100
- JSON: https://secwatch.observer/filing/0000950170-23-045100.json
- Plain text: https://secwatch.observer/filing/0000950170-23-045100.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.