---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-228771"
form_type: "8-K"
ticker: "GBTC"
cik: "0001588489"
company_name: "Grayscale Bitcoin Trust ETF"
filed_at: "2023-09-06T23:59:59+00:00"
generated_at: "2026-06-10T23:26:11.353293+00:00"
event_type: "regulatory"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Grayscale urges SEC to approve GBTC spot bitcoin ETF after court vacates denial

## Summary
- D.C. Circuit vacated SEC's June 2022 order denying GBTC conversion to a spot bitcoin ETF on Aug 29, 2023.
- Comment letter argues no grounds exist to treat spot bitcoin ETP differently from approved bitcoin futures ETPs.
- GBTC's Rule 19b-4 filing has been pending nearly three times the statutory deadline under Section 19(b).
- On court decision day, the discount to NAV tightened 600 basis points, returning over $2B in value to investors.
- Grayscale states GBTC is ready to operate as an ETF upon approval and urges prompt NYSE Arca listing.

## SEC filing metadata
- accession: 0001193125-23-228771
- form_type: 8-K
- ticker: GBTC
- cik: 0001588489
- company_name: Grayscale Bitcoin Trust ETF
- filed_at: 2023-09-06T23:59:59+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/1588489/000119312523228771/0001193125-23-228771-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1588489/000119312523228771/d846493d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-228771
- JSON: https://secwatch.observer/filing/0001193125-23-228771.json
- Plain text: https://secwatch.observer/filing/0001193125-23-228771.txt

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