The Federal Court ruled that Grayscale's petition for review be granted and the SEC's order be vacated, in accordance with the opinion of the court filed here in this date. SEC must review its rejection of Grayscale Investments' attempt to convert the Grayscale Bitcoin Trust (GBTC) into an ETF. BTC soared 4.1% in one hour.

RAO, Circuit Judge: The denial of Grayscale's proposal was arbitrary and capricious because the SEC failed to explain its different treatment of similar products. We therefore grant Grayscale's petition and vacate the order.