More good news for bitcoin today: the DC Circuit Court of Appeals has finally formalised Grayscale’s victory over the SEC in the case involving its application to convert GBTC into a spot bitcoin ETF.
With this sentence, the judge’s opinion on the matter can no longer be appealed.
Grayscale’s Bitcoin ETF: the latest news
Grayscale is the company that created and manages the world’s largest bitcoin fund.
This is the Grayscale Bitcoin Trust (GBTC), which to date holds more than 621,000 BTC. Excluding Satoshi Nakamoto, of whom all traces have been lost for more than 12 years, it is the largest holder of bitcoin in the world, well ahead of MicroStrategy’s 158,000 BTC.
It has been around for many years, but it is not an ETF. It is still a secured fund that tracks the price movement of the underlying asset, but it is only listed OTC and not on traditional exchanges.
Some time ago, Grayscale asked the SEC to approve the conversion of its GBTC into a true spot bitcoin ETF,
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