In a noteworthy development within the cryptocurrency investment landscape, the United States Court of Appeals has taken a significant step by issuing a formal mandate, reaffirming its decision to require the Securities and Exchange Commission (SEC) to reconsider Grayscale Investments’ application for a spot Bitcoin exchange-traded fund (ETF).
This mandate, effective since October 23, builds upon the Court’s initial ruling on August 29 and the SEC’s failure to file an appeal by the October 13 deadline. The October 23 mandate reiterates the Court’s August 29 decision, providing Grayscale with a fresh chance to convert its Grayscale Bitcoin Trust into a publicly traded Bitcoin ETF.
This is a pivotal moment for Grayscаle as the SEC has yet to approve any US-listed spot crypto ETFs. On October 19, Grayscale took proactive steps by filing for the listing of its Bitcoin trust on the New York Stock Exchange Arca under GBTC. Grayscale joins BlackRock, ARK Investment, and Valkyrie, who also have spot crypto ETF applications awaiting SEC review, with the outcomes holding significant implications for the US crypto investment landscape.