The U.S. Court of Appeals for the D.C. Circuit has upheld its previous decision, instructing the Securities and Exchange Commission (SEC) to evaluate Grayscale Investments’ proposal to transform its GBTC fund into a Bitcoin ETF. The court has provided clear guidance to the SEC on how to proceed with Grayscale’s Bitcoin Spot ETF application. Grayscale plans to have its shares listed on NYSE Arca once it receives approval. Other asset management firms like BlackRock and Fidelity are also pursuing SEC approval for spot Bitcoin ETFs, and the agency’s staff is actively reviewing these applications.
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