The US Court of Appeals has formally approved the decision ordering the Securities and Exchange Commission (SEC) to reconsider Grayscale Investments' request to convert its GBTC into a spot Bitcoin ETF.
The company sued the regulator in June for refusing to convert its trust into an ETF. In particular, the company sent the application in October 2021.
In late August, the court accepted Grayscale's request and ordered the SEC to reconsider the decision.
The new document repeats the appellate court's decision, according to which, the company demonstrated that its proposed spot ETF is similar to already approved Bitcoin futures exchange-traded funds.
The SEC reportedly does not intend to appeal the court decision.
The SEC accepted in July applications to launch spot Bitcoin ETFs from BlackRock, VanEck, Invesco, Fidelity Investments and WisdomTree.