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Grayscale’s Bitcoin ETF: A Path to Approval

The Way is Paved for Grayscale’s Bitcoin ETF Approval

The market for cryptocurrencies seems to be picking up pace as Grayscale just won another legal victory against the Security and Exchange Commission (SEC). The DC Court of Appeals ruled in favor of Grayscale, ordering the SEC to reconsider its decision to reject the American giant’s Bitcoin ETF request.

This decision opens the door for the conversion of Grayscale’s GBTC into a Bitcoin ETF. It could also have major implications for other giants waiting for SEC approval to launch their Bitcoin ETFs.

Grayscale’s team is looking forward to continuing constructive work with the SEC to convert GBTC into an ETF. GBTC is operationally ready, and we intend to act as quickly as possible on behalf of our investors.


It is worth noting that the initial decision by the US justice system regarding Grayscale’s proposal in late August 2023 labeled the SEC as arbitrary and capricious. With the SEC not appealing this new decision, they must either approve Grayscale’s request or reject it for other reasons.

Other Players on the Verge of Launching Their Bitcoin ETF

This ruling comes at a time when other asset management giants, such as BlackRock, Fidelity, and Franklin Templeton, are also waiting for SEC decisions on their own Bitcoin ETF requests.

In fact, it has been recently revealed that BlackRock has just listed its “iShares Bitcoin Trust” ETF with the DTCC, indicating that the approval of a Bitcoin ETF may be imminent.

The iShares Bitcoin Trust has been listed on the DTCC (Depository Trust & Clearing Corporation, which clears NASDAQ trades). And the ticker will be $IBTC. Again all part of the process of bringing ETF to market.. h/t @martypartymusic

Eric Balchunas (@EricBalchunas) October 23, 2023

The recent announcements about the arrival of Bitcoin ETFs seem to be impacting the cryptocurrency market. Bitcoin experienced a tumultuous night, briefly surpassing the $35,000 mark. This sudden surge reflects the growing optimism among investors who see ETFs as an opportunity to democratize cryptocurrencies and attract institutional capital.

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