Grayscale Investments has submitted a new filing with the Securities and Exchange Commission (SEC) in its bid to turn the Grayscale Bitcoin Trust into a spot Bitcoin ETF. This follows a court directive for the SEC to reassess the company’s proposal. Grayscale has submitted an S-3 filing, aiming to register its shares on NYSE Arca and continually issue shares upon approval. The filing was made ahead of a court mandate from the U.S. Court of Appeals for the D.C. Circuit, expected to reinforce its preliminary decision from August. This has raised hopes for an imminent spot Bitcoin ETF, but several steps still need to be completed. Grayscale’s legal victory against the SEC in transitioning the trust has positioned it as a leader in the industry. The court’s upcoming decision could compel the SEC to respond to Grayscale’s ETF application and potentially avoid the need for reapplication.

AI Sentiment: Positive