The U.S. Court of Appeals has ordered the Securities and Exchange Commission (SEC) to review Grayscale’s Bitcoin exchange-traded fund (ETF) application. Grayscale had filed a lawsuit against the SEC last year after the agency refused to allow its Bitcoin Trust to convert into a spot Bitcoin ETF. The court ruled in favor of Grayscale, stating that the SEC’s judgment was arbitrary and capricious. Following the ruling, the SEC had 45 days to appeal the case but did not do so. As a result, the court has issued an order for the SEC to reassess Grayscale’s application. Grayscale’s Bitcoin Trust is the largest Bitcoin fund in the world, and its shares have surged 33% in the past month on the anticipation of approval.
AI Sentiment: Positive