The US Securities and Exchange Commission (SEC) does not intend to appeal the court ruling in favor of Grayscale Investments.
A US court granted in late August Grayscale's petition against the regulator for refusing to convert the company's GBTC into a Bitcoin ETF. In addition, the appeals court ordered the SEC to reconsider its decision.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange
According to Bloomberg market analyst James Seyffart, negotiations between Grayscale and the SEC will begin in the next two weeks.
The SEC in July accepted Bitcoin spot ETF applications from BlackRock, VanEck, Invesco, Fidelity Investments and WisdomTree, while Franklin Templeton also filed an application later.
Notably, the regulator has not approved the launch of any Bitcoin spot ETFs at the moment.